re: Ann: Waiver of 80% minimum acceptance con...
I was wondering that myself. Anyway...
What Does Warren Know?
Today in The Australian Warren Beckwith appears to be foreshadowing what we should expect next:
Wah Nam's friendly (huh?) December cash-and-scrip deal to mop up the 45 per cent of Brockman it did not already own had left it stuck on a 73 per cent stake despite being recommended by the target's board.
"I'm totally confident we'll get over 80 per cent and be on our way to 90 per cent when it becomes unconditional," Mr Beckwith said. "We're expecting a flood of acceptances when this happens (on Friday)."
Let me guess, they'll all come from offshore? After 18 months and only 73% of acceptances why would there be any sudden rush to accept the offer now because it's unconditional?
A decision last week to remove an 80 per cent acceptance condition was made because many shareholders had indicated they would only accept the bid when it became unconditional, he said.
Oh and here we have the perfect cover story for any warehoused shares to be accepted into the takeover with extreme haste. We'll soon find out who bought the 8 million shares since Wah Nam lodged their last change of substantial holding notice.
