TER will have to either do a deal with those that they have already "purchased" from to take back their UNV stock, or sell down to their original 19.95pc.
I don´t see a sell down because TER has not yet issued any shares in connection with the offer. IF UNV court proceedings succeed and the offer ultimately fails, TER will have to release every acceptance they received. There would be no change in ownership.
Ann: TER: Further Acceptances Received, page-48
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