RE: Hostiliies and reasoning why?23 Jul 2020 14:17
"Given the Possible Offer is proposed to be structured as a securities exchange offer, Reabold is currently only minded to proceed with the Possible Offer on the pre-condition that a recommendation from the Board of Directors of Deltic (the "Deltic Board") is ultimately forthcoming. Following initial conversations with a number of Deltic's largest shareholders, Reabold had recently commenced preliminary discussions with Deltic to seek such a recommendation. The Exchange Ratio in respect of the Possible Offer has been determined solely on the basis of publicly available information and Reabold is disappointed that it was not offered the opportunity to undertake market standard confirmatory due diligence, which would also be a pre-condition of making any firm offer for Deltic. Reabold reserves the right to waive either or both of these pre-conditions to the Possible Offer"
The 'carrot and stick' approach, well we will know by August 12th.