This significantly improved offer might be difficult to refuse.
The company has received a preliminary, non-binding offer from a consortium of two major shareholders. Another two major shareholders already indicated support for the transaction. The offer timing was clearly opportunistic, coming alongside a weak trading update, but this works in the buyers’ favor. This works in the buyers’ favor. This is already the second proposal from the same consortium, and it comes at a massive premium to the first bid made last year. The business outlook has weakened since then. With a sizeable takeover premium now on the table and support from the largest shareholders secured, the board is running low on reasons to reject the offer again. I think they will either accept the current offer or negotiate a symbolic bump. The bidder group did not indicate that the offer is final.
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