I guess that Delek can accept any tendered shares in the process but do not have to buy them if the take up is less than the 50% threshold. If they get to the 50% then they have to buy even if they don't then want to. Accept the $1.95 is the formal offer as this is a Canadian company -despite all the management and assets being in the UK. We are exposed to FX but think the is limited risk as it seems pretty stable and if anything, £ could devalue after Article 50 and we could be at an… Read More
Londoner7 said; "I've asked the question about Delek's option to increase their shareholding beyond 20% if the 50% threshold isn't achieved on the Stockhouse BB. I'd expect Canadian shareholders to have some experience of the possible bid outcomes."
This is an important point. Hopefully a vote of less than 50% means no shares at all are sold however if it simply means Delek don't have to buy but can if they WANT to then we are in… Read More
I've asked the question about Delek's option to increase their shareholding beyond 20% if the 50% threshold isn't achieved on the Stockhouse BB. I'd expect Canadian shareholders to have some experience of the possible bid outcomes.
The proposed bid is $1.95 Canadian, not £1.2. This may change in the formal bid document but it's wrong to say the bid is £1.2. It is subject to FX movements. The FX detail or timeline is likely… Read More
When do we feel would be the best time for another bidder to show their hand (that's obviously IF there is another bidder waiting in the wings). We have Stella under way so that is a hurdle cleared. Or would such a potential bidder wait until after 31st March and Delek's formal offer is fully launched? Any thoughts?
OT just noticed another in Malcy's bucket list looks like it's about to take off: SDX.
I think generally these comments are correct and the three scenarios are the only ones: 1) Delek fail to acquire more than 50% of the remaining 80% - bid fails. Derek would stay at 20%. 2) They get more than 50% of the 80% and are committed to buying the shares tendered. We have a majority shareholder controlling the company 3) They get to a total of 90% (another 70%) and they squeeze out remaining shareholders and de-list. My view is that (1) or (2) are likely and I also believe Delek… Read More
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