Is this not the case of one shareholder being offered a higher price for their yes vote? If LME is being offered the price per share plus additional cash, from whatever source, why is this not just a higher price?
If so, this fuller price should be offered to shareholders equally. Shouldn´t the UK Takeover Panel look into this.
As a minimum, other shareholders should realise that the LME recommendation has been paid for and should be ignored.
Onésimo Alvarez-Moro
See article:
LME, the Icelandic investment group opposing a €1.5bn ($2bn) offer for Stork by Candover, the UK buy-out company, has been offered a substantial share of future profits of the Dutch industrial conglomerate after it is taken private in return for backing the private equity bid.
But the offer to LME, which includes Marel, an Icelandic food group desperate to buy Stork's meat and chicken pulping unit, has not resolved the deadlock that threatens to derail the Candover bid, according to a person close to the matter.
The initiative, arranged in the form of a stub equity stake, would allow Candover to proceed with its offer, albeit in revised form, and give LME the chance to benefit from future profits.
"The offer is one of many proposals put on the table by Stork but has not proved to be the solution," said a person familiar with the matter. LME declined to comment.
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