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My broker has not sent the offical offer document as of yet, I believe that once this document is published there is a 21 day period but I am not sure on this, there is also a general requirement for a 90% acceptance rate I think before they can push the deal through at 15.5p, the current shares outside of the bidders ownership is circa 32% they would need to buy a percentage of these in the market which may push the price a lot higher considering the available float and current share price, but who knows. I will be keeping an eye on this, also will be looking for the data due which could come out any moment now. Still a chance it get in with a potentially limited downside.
I think its 75 or 90% acceptance needed for the takeover to go through, so even if 50% are accounted for if people dont want to see this go for cheap they will vote accordingly. I for one think the company is working on various things that are worth a lot more than this measley offer price, Redx Anti-Infectives for example is an interesting subsidiary, also the company should have clinical data due for RXC004 one of their main assets, this I believe was due to complete around March 2020. This takeover looks like its trying to get pushed through quickly, with two seperate bidders, I do not understand though and maybe someone can explain to me why Redmile are able to pick up so many additional shares and the price has not moved up? I think there is still scope for this to get an enhanced bid for the available shares correct me if I am wrong, possibly by another interested party or if new data comes out valuing the companies drug targets higher. DYOR
I feel it's disappointing as well but I guess the company is saddled with an expensive couple of years incomming and not much cash in the bank. The buyers are getting a hell of a deal though.
Just checked my account, no message yet.
Very disappointing - sure REDX is worth way more than this; needed another 20 per share to just break even.
Thanks Kingsinbad. It's a done deal then at 15.5.p
The Offer will remain open for acceptance, subject to the provisions of Appendix 1 of this Announcement and the terms of the Offer Document, until 1.00 p.m. on the 21st day after the date of publication of the Offer Document or (if that day is a Saturday, Sunday or a public holiday) on the next succeeding Business Day.
The Offer Document and the Form of Acceptance will be posted to Redx Shareholders as soon as reasonably practicable and, in any event, within 28 days after the date of this Announcement, other than to Redx Shareholders resident in any Restricted Jurisdiction
Got a message the other day, in my AJ Bell inbox.
Redx Pharma has received a takeover offer from RM Special Holdings 3, LLC, a special purpose vehicle wholly owned by funds managed by Redmile Group,LLC, to purchase all of the shares in issue. It is expected that you will be given the opportunity to accept the offer for your shares and to sell them to the acquiring company.
The terms of the offer are as follows:
For each ordinary share of GBP 0.01 in Redx Pharma
-
GBP0.155 in cash
Does anyone have any understanding of a timetable for the sale process please?