As a CML shareholder I would like to query the CML Board’s lack of disclosure about the “highly conditional” offer/proposal that has been presented to them by a US private equity consortium.
Just about all takeover offers have some form of condition(s) attached to them but I would have thought the Board (as representatives of the shareholders) were at liberty to disclose what the offer price and the key terms of the offer/proposal are.
Normally such information might be followed by a Board statement not to accept the offer until the Board has been able to more fully assess the bid (ie by way of conducting their own internal valuation or by appointing and Independent Expert to perform a valuation assessment.
It would appear CML has gone straight to this step without informing the shareholders of the details of the offer.
I believe this to be in breach of the Directors’ fiduciary duties to shareholders.
Any thoughts?
CML Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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