I read that as you did and then realised that as TOP are not...

I read that as you did and then realised that as TOP are not disclosed as a party to any of these proposals they are allowed to buy shares in either or both as long as they don't cross the 19.99% threshold or are within the creeping clauses. I think member is not meant to include shareholders but member entities within the group of target or bidder.

I also have no doubt that DVA may well give OVH written approval to hold shares but probably would not have to disclose that if it was under the substantial shareholder threshold of 5%.

I have not asked for a shareholders list as it should all come to the surface at the end of this month.

Its my understanding that both parties see this as a big win win situation. I would presume they are working towards the implementation together. Its far too long a period to be half pregnant. I suspect that no-one wants an EQT offer as the future upside gets diluted into a mature business that this is an opportunity for all to still have the upside of a growth platform.