Take over premium ?

It seams likely that RMS will make an offer for SPR - what is unclear is the method and valuation.

My best guess is a 25% premium.

This could be 1 x RMS Share for 2 x SPR Shares + $0.20 = a current value $1.15 per SPR Share

I am unsure if it will be friendly or hostile.

What do others think ?

Taking over a listed company on the Australian Securities Exchange (ASX) involves several steps and options, typically categorized into friendly or hostile approaches. Here’s an overview:
Friendly Takeover1. **Negotiated Bid**: The acquiring company directly negotiates with the target company's board of directors. This is the most straightforward and cooperative approach.2. **Scheme of Arrangement**: This involves the target company proposing a scheme to its shareholders, requiring court approval and a high level of shareholder agreement (usually 75% by value and 50% by number).### Hostile Takeover1. **Unsolicited Bid**: The acquiring company makes an offer directly to the shareholders of the target company, bypassing the board.2. **Creeping Takeover**: Acquiring up to 3% of the target company’s shares every six months, gradually increasing control.### General Steps in a Takeover1. **Due Diligence**: Conducting thorough research and evaluation of the target company’s financials, operations, and legal standing.2. **Offer Preparation**: Drafting the terms of the offer, including the price and type of consideration (cash, shares, or a combination).3. **Regulatory Compliance**: Ensuring compliance with ASX Listing Rules, Corporations Act 2001, and other relevant regulations. The Australian Securities and Investments Commission (ASIC) must be notified.4. **Lodgment of Bidder's Statement**: Submitting a formal statement outlining the terms of the offer to ASIC and the ASX, and sending it to the target company’s shareholders.5. **Target Response**: The target company’s board reviews the offer and provides a recommendation to its shareholders via a Target's Statement.6. **Shareholder Decision**: Shareholders decide whether to accept the offer. If the bidder secures more than 50% of shares, they can gain control; if they reach 90%, they can compulsorily acquire the remaining shares.### Considerations- **Valuation**: Proper valuation of the target company is crucial to make an attractive offer.- **Funding**: Securing the necessary funding to finance the acquisition.- **Integration**: Planning for post-acquisition integration to realize synergies and operational efficiencies.- **Legal and Financial Advisors**: Engaging advisors to navigate the complex legal and financial landscape of takeovers.Each takeover scenario can vary significantly based on the specific circumstances and the target company's response. It's essential to approach the process with careful planning and strategic considerations.