$AWY/Australian Whisky Holdings is struggling in its bid to gain control of Lark Distillery.
The group has made an all-scrip offer of 10,333 $AWY shares for every Lark share. This values Lark at $444 a share...or $18.33m for the whole business.
It would seem $AWY 's offer has won over just one holder with 116 shares - 2.81% of Lark capital.
Some 30 of Lark's 32 shareholders have evidently decided to reject $AWY's offer, now extended to run from Jan 30 to Feb 28.
These holders include Lark chairman Chris Malcolm. He owns a key stake of 6.8%.
Awkward?
Malcolm seems to be awkwardly placed.
On December 23, $AWY claimed that Malcolm had advised in writing that he would accept the offer.
Malcolm, ex-CEO of Clark Rubber, is the man $AWY has selected to run the acquisition of Nant Estate and Nant Distillery.
Why is Malcolm - slotted to become AWY's new CEO - deferring?
Has he fallen out with $AWY chairman and chief shareholder Terry Cuthbertson?
And why hasn't top Tasmanian money man Tony Shadforth accepted the $AWY offer?
Of course, there could be a key reason $AWY is being rebuffed. That reason is money.
Negotiable?
It would seem Chris Malcolm is leading resistance. And it would seem that he - and holders such as Shadforth, Bill Lark, Lynn Lark and Kristy Booth - want more.
But how much more? Is Cuthbertson negotiable? Can $AWY afford more? A cash sweetener perhaps?
Ironically, if Cuthbertson agrees to modify the offer the value of the Lark business will rise.
And the key beneficiary of that lift in value will be $AWY.
Why? Because $AWY is by far Lark's biggest holder with 41.29%.
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