As long as the institutions listed by Sabbath the other day, plus a couple more nominee holders, don't sell into a buyback, ACS/Hochtief can't get to 90%. If they hold out (or their mandates allow them to), the smaller shareholders don't matter- ACS can buy out as many as they like. They may try one of the various tricks (capital raise?) to get around the takeover rules (as discussed previously) but these might be unsuccessful. So with luck (for minority shareholders, not ACS), they will have to come up with an offer sufficient to satisfy one or two of the instos. What that figure might be I have no idea.
CIM Price at posting:
$22.37 Sentiment: None Disclosure: Held
