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Once the deal is announced, the price of RIO shares in the market will be the primary driver of the price of GLEN shares. If the offer is thought to be too generous the price of both companies will fall to take account of this. If it's thought RIO are getting it on the cheap they will rise because the prospects for RIO to do well out of the deal will be seen as good which will, of-course, also be good for any ex-GLEN shareholders who stay on. So long as it is expected that the deal will go through on the announced terms, the two share prices will move up and down in tandem. The only reason for GLEN shares to deviate from this will be - on the downside - if there's a fear the deal will collapse or - on the upside - if there's any expectation of a rival bid or that RIO will have to up their offer to get approval from enough GLEN shareholders,

If it's an all or even part shares offer, the only value that could be put on it would be a comparison with what the equivalent number of Rio shares are trading at which, of-course, fluctuates constantly. When the offer is made a value would probably be quoted based on the previous closing prices of the two companies' shares, but the moment they resume trading that will change. If it's perceived that Rio are being too generous their own share price will fall, taking Glencore down with it, based on whatever multiple of Glencore shares will equal one Rio share under the terms of the offer. It's not the same as a cash offer where the value of the offer is fixed.

I doubt it will go to that level on Monday as this is still speculative - it's entirely possible talks will break down and we will be back to square one.

...and in any case, where it's an all share merger rather than a cash bid, the value will rise and fall hour by hour, minute by minute, reflecting the share price of the acquiring company.

That's not always the way bids work. They don't have to be at a premium to the closing price the day before, particularly if there has been a period of speculation that has already seen the price rise a lot and perhaps gone a bit over the top. I'm not commenting on this case at all but just making a general observation.

Friday morning and after trading at a discount to the KKR offer all day yesterday, they are selling at a premium in early trade today. What's changed overnight - does somebody know something?

Dangerous to speculate because I could be proved wrong within minutes of posting, but I reckon Advent will come back. They must surely have been aware that KKR were also sniffing around before they made their initial offer, so would presumably have pitched it at a level that left room to return with more if necessary. I see the market price is above the KKR offer in early trade this morning.

I agree, I don't think you'd be looking at such a big premium in one leap - remember they would be thinking it quite likely that the original bidder will come back, and then they'd have to top that price, so we could see a price in the 40s, but only if this goes to two or three rounds.

It's a mystery to me - I've never seen such little discussion of a takeover situation. Another discussion board which shall remain nameless has no new posts at all on today's news, and there was hardly a murmur when the possibility of a bid was announced two weeks ago. Very odd.

The speed with which KKR responded to publication of the formal offer from Advent would indicate that they're looking at it very seriously.

Yes, they've now updated accounts and I think you're likely to find you haven't got all the extra shares you asked for. The shares you got have been added to your holding and the separate line is now marked 'open offer rejected' and refers to the shares you didn't get. The value attributed to these should be returned to cash shortly, when this line will presumably disappear.

The 13% not taken up in the open offer will be allocated to others who applied for an excess over their entitlement. Easily covered. The news we are likely to get from the govt later will not be helpful but RBG has by all accounts been trading well and if anything this fundraising may enable it to take advantage of opportunities that might arise, shameful though it is that the industry has been treated in the way it has.

The offer only closed at 11 a.m. today. Nominee accounts will have had earlier deadlines but that was so the admin could be done in time. The announcement of the result will be on Monday, presumably at 7 a.m..

Also fewer competitors as some have not survived after the shameful treatment of the hospitality sector by the government over the past year.

The original intention was to sell the business on. I have been in this for years waiting for that day, and it never comes. Believe it or not, this is from 2007! https://www.growthbusiness.co.uk/wicks-and-malde-return-with-inland-254650/

From the RNS released this after noon

The Open Offer closed for acceptances at 11.00 a.m. today. The Company has received valid acceptances from Qualifying Shareholders in respect of their B asic Entitlements in respect of 24,045,349 New Ordinary Shares, representing approximately 80.10 per cent. of the Open Offer Shares. In addition, the Company has received applications from Qualifying Shareholders under the Excess Application Facility in respect of 21,497,094 New Ordinary Shares, representing approximately 71.62 per cent. of the Open Offer Shares. Accordingly, Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Basic Entitlement s . As applications under the Excess Application Facility cannot be satisfied in full, applications for New Ordinary Shares under the Excess Application Facility will be scaled back in accordance with the terms set out in the Circular.

I think that has to be provisional as the offer hasn't actually closed yet - if you hold them in a nominee account there's an earlier close so the broker can do all the admin, but the actual closing date for applications is tomorrow (25th)

In the absence of any other news, I assume the announcement yesterday of the death of the chairman, Dr David Hammond, has in some way brought about this reappraisal of the company's prospects.

I'm sure we all send our condolences to Dr Hammond's family and friends.

I suspect Berry's offer will not be accepted at the current price and that they are prepared to go a bit higher to get it across the line. If Apollo can get round the restriction they've put on their own bid and come back with an improved offer themselves, so much the better.

Aviva have said they do not support this offer. I suspect others may follow. http://www.cityam.com/272086/rpc-groups-33bn-private-equity-takeover-sparks-disquiet