At that point OZL would have the choice of either waiving the 50.1% minimum acceptance condition and become a significant shareholder without a controlling interest or terminate the offer and return any accepted shares to the applicable owners.
BR is little complicated as they hold their shares in a number of vehicles in which they manage. The degree to which they manage each vehicle differs and affects whether they can accept the offer as managers or whether they require permission from those clients who they manage the investments for. That is why they cant sign an agreement as Appian has done but their intention is to accept the bid subject to conditions for the shares in the vehicles they have outright management control or advise their other clients to accept the bid subject to conditions in the vehicles where they do not have complete control.
Given BlackRocks clients have trusted their money to them to manage I would expect that the overwhelming majority of the BlackRock shareholding will accept the bid subject to conditions being fulfilled or waived.
AVB Price at posting:
16.0¢ Sentiment: Hold Disclosure: Not Held
