RE: Heads of Terms Agreement with MA19 Apr 2025 10:14
I agree with @Yesim and @licker.
I don't think a lowball offer will be tolerated by those who invested at a much much higher price. I won't rehash the reasons others have articulated on here as to why, but they are logical and there is a takeover code which has to be adhered to.
My only concern does not relate to the above but rather there is enough support gained to simply de-list rather than takeover. Being on the market has done no one any favours in terms of valuation. You could make an argument for it but I still think it would be unlikely for a whole variety of reasons. No least if I were on the Board I'd be telling them to sort out growth, performance and profitability and stop faffing around with restructuring and refinancing the thing.