Buyouts essentially come in two forms; 1. Friendly/solicited or 2. Unsolicited/not necessarily friendly.
Ultimately they both work the same way in that a buyer needs to acquire (I believe) 90% of listed shares in order to "compulsarily acquire" the company and any shareholders left refusing to sell are forced to accept a bid if the bidder gets acceptance for 90% of stock.
So... To assess how a bid for ARL might play out, you need to be familiar with the top 20 holders and understand what type of investors/holders they are. Who in the top 20 are the real long term investors with big ideas about the future?
It only takes one individual or entity holding 10% or more of a company to effectively block an unsolicited T/O bid. Usually the board combined will hold more than 10% so it can often be important for the board to be unified (and agree) on whether or not to accept a bid.
I personally don't know the structure of the top 20, who (if anyone) holds more than 10% nor the combined holdings of the board. This would be a good thing for you to research if you are concerned about unsolicited bids for ARL.
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Last
44.5¢ |
Change
0.010(2.30%) |
Mkt cap ! $88.85M |
Open | High | Low | Value | Volume |
43.5¢ | 45.0¢ | 43.0¢ | $25.29K | 58.21K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 1091 | 43.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
45.0¢ | 30372 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 1091 | 0.430 |
2 | 1700 | 0.420 |
2 | 34390 | 0.410 |
1 | 25000 | 0.405 |
6 | 60782 | 0.400 |
Price($) | Vol. | No. |
---|---|---|
0.450 | 30372 | 2 |
0.455 | 15000 | 1 |
0.465 | 8333 | 1 |
0.480 | 5000 | 1 |
0.520 | 10575 | 2 |
Last trade - 15.45pm 04/09/2024 (20 minute delay) ? |
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ARL (ASX) Chart |