It is good to see that the Board finally came through with a recommendation which is in the interests of all shareholders, and against fellow Board members, who includ the founders.
This is not an easy decision and needs to be hailed. Well done!
OAM
The board of Ottakar's has backed HMV's bid for the book store group, dashing the hopes of founder and chief executive James Heneage, who had originally secured the support of the board for a management buyout.
When HMV, owner of Waterstone's, formally launched its 440p-a-share offer last week the board had refused to back the deal. It said that before it dropped its recommendation for the 400p-a-share offer from the management it wanted clarification from HMV about a condition that its offer would lapse if the deal was referred by the Office of Fair Trading to the Competition Commission.
See full Article.
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