Ann: NME - Change in substantial holding for NME, page-27

Confidence in this TO is massively overstated on this thread imo.
This is a hostile TO bid against a very determined target.
In these circumstances the likelihood of a positive Target Board recommendation regardless of the offer is unlikely.
I can't recall any examples of a hostile Bidder reaching 100% without a positive Target Board recommendation at some stage.
MCT must reach 50.1% acceptance to spill the NME board and appoint their own directors.
I don't know enough about the top 20 their total holding and their disposition to say whether or not this is likely.
But it seems a high bar.
Why the spite? Because NME and MCT have been negotiating for a long time to merge peacefully but could not cut a deal.
Then MCT made what NME believe is a low ball TO offer.
If there is no TO then the two companies will have to live with each other and that will be difficult.
Too soon to be dancing on NME's grave by far.
And throwing petrol on the fire is not helpful.