Share
8,528 Posts.
lightbulb Created with Sketch. 814
clock Created with Sketch.
05/02/23
22:28
Share
Originally posted by jake0002:
↑
that section is referring to an AUTOMATIC extension of the Offer Period. it talks about what happens if certain conditions are met, that the Offer Period is automatically extended - ie the Offeror has no choice but to extend the Offer Period (ie to give s/h the opportunity to accept the Offer). Outside of those conditions relating to an automatic extension, the Offeror can keep extending the Offer period. As it says above, the maximum period is 12 mths. I have seen an offer period extended repeatedly for somewhere around 6 mths by the time it closed. I cannot remember the circumstances. Interestingly, in STX Offer for WGO, they have stated that their ofer is "Best and Final" offer - ie they will not increase their offer price . But they can extend the Offer Period. And again, I don't see why they would close it, and not extend it - and wait to see what happens. Same with MIN.
Expand
I wish we had a lawyer posting on these threads! I read automatic as meaning that the bidder didn't have to seek any authority's permission for an extension, if the bidder's voting power in the target increases to more than 50%. But I see your point.