On the evening of 6th January EMR declared the offer unconditional as it had an interest in 52.85% (53%) of Bullseye.
No decision has been made yet whether to conduct proceedings or not..(as far as we know)
If the application is rejected, then surely the offer for the Bullseeye shares can continue to another date.
If the panel finds against Xinhe, after sitting and deliberation, the offer for Bullseeye shares can continue.
The delay appears to be oportunistic and will not prevent the EMR takeover.
If the board sits on the matter, there are several points it has to deliberate on.
If the board agrees with the applicant upon any of the points, the very worst that may happen is that the parties to the takeover may have to issue new bidder and targets statements.
IMO it is unlikely that takeover will not go ahead. Merely delayed by a vexatious litegant.
EMR Price at posting:
$1.14 Sentiment: Hold Disclosure: Held
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