Ann: Variation of Takeover Bid, page-21

  1. 6,693 Posts.
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    I'd have to read more - my understanding is that those shares already accepted are now beneficially owned by MAY, so MAY would receive the BYE shares. My understanding is that May must 'pay' the acceptances within one month of today, which is likely before any distribution would occur anyway - given that an approval meeting hasn't been set for the distribution yet.
 
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