He took the easy way out imo - AND they got our cash AND everything else for free. He didn't even try imo!!! I'm sure the Board will get a nice big fat pay cheque for delivering shareholder value.
Highlights:-
WHSP to increase offer from 19 cents per share to 26.5 cents per share provided WHSP receives acceptances which, together with its existing Exco shareholding, give WHSP an interest in 90% of Exco’s ordinary shares.
WHSP to establish an Acceptance Facility to enable Exco shareholders to support WHSP’s higher offer.
Exco directors unanimously recommend WHSP’s revised offer to Exco shareholders, in the absence of a superior proposal, and will accept into the Acceptance Facility in relation to shares they control.
Further details of the revised offer and the Acceptance Facility will be included in a replacement bidder's statement and a target's statement to be sent to Exco shareholders in the next two weeks.
Exco shareholders advised to await receipt of takeover documents before taking any action in respect of their Exco shares.
EXS Price at posting:
20.5¢ Sentiment: None Disclosure: Held
