Takeover/Price16 Aug 2018 14:33
Personally think this is a little premature as nothing yet RNS'd but as many cant be bothered to DYOR and are just guessing re 'price', here you go peeps:
''Price
In general, a bidder making a voluntary bid is free to offer whatever price it wishes.
However the City Code specifies certain minimum bid prices in certain circumstances.
Where the bidder, or any person acting in concert with it, acquires an interest in shares in
the target company during the three months prior to the offer period or during any period
between the commencement of the offer period and the announcement of a firm intention
to make an offer, the bid price must not be less than the highest price paid by the bidder
(or person acting in concert with it) during that period. If the bidder stated prior to making
its offer that it was considering making an offer at a particular price, it will generally not be
permitted to make an offer at a lower price.
In the following circumstances, the offer price must also not be less than the highest price
paid by the bidder for shares in the 12 months prior to the offer period and during the
offer period:
where a compulsory bid is required (see section 6 below); or
where the bidder and its concert parties have acquired an interest in shares in the
target ‘for cash’ during the preceding 12 months which carries 10% or more of the
target company voting rights.
(In this context, an acquisition ‘for cash’ includes an acquisition made in exchange for
securities unless the seller is required to hold the securities until the end of the
subsequent offer.)
Where a company has more than one class of equity share capital, a “comparable” offer
must be made for each class of shares, whether or not such capital carries voting rights.
A comparable offer does not have to be identical but differences must be capable of
being justified to the Panel (e.g. by reference to the differential between the market prices
of the different share classes). The Panel must be consulted in advance.
If the bidder is left with a number of minority shareholders in the target and the squeezeout
procedure cannot be used (see section 9 below), it is prevented from offering them a
higher price than the offer price for a period of six months after the offer closes''
Amazing what you can do if one can be bothered to Giggle s'thing...........;)
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