Rejected Polo bid15 Jul 2010 11:40
This from Polo's April offer for Caledon.
Under the terms of the Possible Offer and subject to a number of pre-conditions, Polo would
be prepared to make an all share offer for the entire issued and to be issued share capital of
Caledon at an exchange ratio of 11.4 Polo Shares for every Caledon Share. Based on the
exchange ratio and the closing price of Polo Shares on AIM of 5.40 pence on 26 April 2010,
the implied offer price for each Caledon Share would be 61.56 pence.
If Polo made an indicative offer @ 61.56p a share then the latest indicative third party offer would have to be in excess of this , with the previous offer @ 61.56p being rejected.