RE: takeover6 Nov 2020 14:56
I don't think it is hostile - all in agreement so just has to be approved by the court. Will copy the relevant section below.
So, 12p dividend should be announced next week, then either sell out for as near to 870p as possible, or wait three months or so to get 870p through, in the hope that someone comes in with a decent offer, which I doubt as this appears to have been a stitch up from the start.
Quote - Recommendation
· The ACI Directors, who have been so advised by Smith Square Partners as to the financial terms of the Acquisition, consider the terms of the Acquisition to be fair and reasonable. In providing its advice to the ACI Directors, Smith Square Partners has taken into account the commercial assessments of the ACI Directors.
· Accordingly, the ACI Directors intend to recommend unanimously that ACI Shareholders vote or procure votes in favour of the Scheme at the Court Meeting and the Resolutions to be proposed at the General Meeting (or, if Bidco exercises its right to implement the Acquisition by way of a Takeover Offer, to accept such offer), as the ACI Directors who hold ACI Shares (in a personal capacity or through a nominee) have irrevocably undertaken to do in respect of their own beneficial holdings of 50,985 ACI Shares (representing, in aggregate, approximately 0.1 per cent. of the ACI Shares in issue on 2 November 2020 (being the last Business Day prior to this Announcement)).