You know the score.
Be careful for what you wish. Agree won't be TGM as LM3 seller wants out, not a share swap.
The Allens Handbook of Takeovers nicely provides ..>10% gives that shareholder the ability to block compulsory acquisition,
As things stand, getting the LM3 10% may be easy or not, but if easy there is still the issue of would those shares meet the cut off date for ownership? Not sure but I assume a transfer is eligible to participate, then grab another 10% in the CR. It would be a reasonable ask.Final total of 36m shares for a quarter of a buck each...9 million. Not chicken feed for most, but whores' doovers for others. (I wonder how the Chinese will translate that?)
Currently only JP Morgan and HSBC hold more than 10% and hence could stop compulsory. With respect, everyone else on the register are minnows.
If it does play out this way, then the sp should benefit somewhat.
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