RE: M&A is ongoing as normal4 Mar 2022 14:06
You appear quite confused Parttimer32. UBS ran the FSP under a success fee basis, the success fee comes from securing a deal superior to the original JV one mentioned with Lesego. No success fee is payable until the deal is executed, therefore, UBS have to still be indirectly involved, even if it's just them now sat waiting to collect their success fee. The fee becomes payable when Eurasia receive the money, that's when it is deemed successful.
The FSP was indeed ended, that finds the largest bidder from the FSP. They then do extensive due diligence to confirm that things match what they have offered to pay for, they then either stick with or alter the deal amount presented and move into the legal paperwork side of things. See steps 8, 9 and 10 here -
8 - Purchase and sale contract – Assuming due diligence is completed with no major problems or concerns arising, the next step forward is executing a final contract for sale; the parties make a final decision on the type of purchase agreement, whether it is to be an asset purchase or share purchase
9 - Financing strategy for the acquisition – The acquirer will, of course, have explored financing options for the deal earlier, but the details of financing typically come together after the purchase and sale agreement has been signed
10 - Closing and integration of the acquisition – The acquisition deal closes, and management teams of the target and acquirer work together on the process of merging the two firms
https://corporatefinanceinstitute.com/resources/knowledge/deals/mergers-acquisitions-ma-process/
It's those final steps that both sides legal teams have been working on since DD was completed. Success fees become payable after step 10, that is when it is fully deemed as a success.
GLA
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