Ann: Takeover offer for PGH - Letter to shareholders, page-22

hi Richard and others, I've asked a similar question previously but was wondering again - Can people do special deals with individual shareholders to acquire their shares?

Could someone approach a shareholder with a suitcase of $30 million in cash for example to accept their offer and go away thereby reaching 90% and compulsory acquisition of all other shareholders?


Otherwise I think RG's takeover bid is currently dead. He will have to keep extending the current offer until it has been open for 12 months and must expire hoping he will be able to acquire the remaining 10 million plus shares he needs to get to 90% and compulsory acquisition

When RG has to end the current bid, then if he wants to make a second bid in 6 months time, since he will need to acquire at least 75% of remaining shares to achieve compulsory acquisition he will require acceptance by Manipur with their 6% of the company and 20 million shares. Manipur are currently in a $30 million legal dispute with PACT and will presumably not accept any new takeover offer from RG unless it is at a significant premium