The offer is a reaction to Mr Zhao Yue's “hostile” emergence as a substantial shareholder. It is unattractive and will require a bump to satisfy the minimum acceptance condition.
What is covered in the Full Insight:
Overview of the Voluntary Conditional Offer
Key Details of the Offer
Shareholding Structure and Irrevocables
Challenges in Meeting Minimum Acceptance
Analysis of Offer Price Attractiveness
Boomeranged on Thu, 24 Oct 2024 22:38
Unsurprisingly, the IFA has opined that the offer is not fair and reasonable, and the independent Board committee recommends not accepting it. The Chairman’s offer, which he has not increased, is designed to place a floor on the share price to stop hostile shareholders (Mr Zhao Yue) from buying shares on the cheap. At the last close, the gross spread was 0.8%.
SUMMARY
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