Further if UCL get 8.5% of MAK shareholders to cross over will that give them the majority of Sandpiper?
Of course not. That would simply make UCL an 8.5% shareholder of MAK. MAK still owns an equal share of Sandpiper and has equal say as UCl in any decisons that are made.
UCl need to gain 90% of MAK and then they can compulsarily acquire the remaining 10%. In other words 90% is required for a successful takeover bid.
Let's face it, unless the offer for UCl by MAK or MAK for UCL is significntly higher than their current share prices there is not going to be a successful takover. This whole saga has been very damaging to both companies.
AEV Price at posting:
14.5¢ Sentiment: None Disclosure: Held
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