Now holding 59.32% of Bullzeye. At the start of the offer, EMR had 19.46%, so of the 80.54% that were available when the offer opened, slightly less than half took up the offer, even though it was extended from a few weeks to the best part of 6 months, and during that time period the EMR SP effectively meant that a Bullzeye share was worth around 35c (up from the original 30-31c at offer launch). Appears that none took up the chinese 35c offer either. You could conclude from that that the majority did not feel that 35c was value for their shares.
On the one hand, getting the controlling interest was the prime objective, so in that context, Job done. One assumes the preference would have been to have gotten at least 75% allowing special resolutions to be passed without other Bullzeye shareholders have a veto. Also @ circa 60%, it makes extracting future profits via dividend look less appealing. So perhaps the EMR board are not entirely happy with the outcome.
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