I’ve been following the offer for IDS (formerly RMG), which I hold. All the media, indeed the messaging from the company, is this is a done deal.
The offer closes at 1pm on the 30th April with 75% acceptance required, 90% required to compulsory transfer all remaining shares.
As of 3pm on the 29th April it stood a little over 54%.
EP group have stated they will delist the group and what interests me is if the acceptance level is between 75% -90%, any holders that have not accepted will find themselves holding illiquid shares in a private company.
Morgan Stanley have been buying heavily, increasing their holding from c.5% last year to now over 12%. Two RNS releases yesterday detailed buying on the 24th and 25th.
I’m questioning why they would do this? The offer is £3.70 consisting of a £3.60 offer price and two dividend of 2p (paid) and 8p if unconditional, which I’m assuming cannot now be met. The current SP is over £3.60.
Are Morgan Stanley positioning to force an higher offer price ?
