MUFC type takeover
Discussion
Bought some Lastminute.com shares when the floated.
Just been sent a cheque by Travelocity who seem to have bought my shares as part of a takeover.
I thought that I would be getting the shares transferred to Travelocity shares not just ending up with no shares and a cheque for less than I paid for my shares initially.
This happened to anyone else?
[small]note to self - stop f@@@ing buying shares
Just been sent a cheque by Travelocity who seem to have bought my shares as part of a takeover.
I thought that I would be getting the shares transferred to Travelocity shares not just ending up with no shares and a cheque for less than I paid for my shares initially.
This happened to anyone else?
[small]note to self - stop f@@@ing buying shares
Typically where there is a an Offer all shareholders are approached and asked for their decision. Most likely your Broker was approached and they in turn should have contacted you and asked for your Vote. Seems they didn't.
If over 95% (i think) are bought during a takeover bid, then they can compulsorily purchase all the rest.
This would appear to be what has happened here.
If you're gonna buy shares... keep your eyes on them
Better luck next time.
J
If over 95% (i think) are bought during a takeover bid, then they can compulsorily purchase all the rest.
This would appear to be what has happened here.
If you're gonna buy shares... keep your eyes on them
Better luck next time.
J
The threshold is 90% but the principle is right. The mechanism is intended to allow bidders (hostile or friendly) a means to acquire a company 100% and take it private.
There is nothing much you can do about it if you happen to be part of the dissenting minority
The only glimpse of a silver lining is that bids such as this tend to go above market price at the time to ensure they get maximum support so you probably got more than you would have done had you decided to sell privately at the time. That is why most company's shares rise in value if there is a whiff of a takeover
There is nothing much you can do about it if you happen to be part of the dissenting minority
The only glimpse of a silver lining is that bids such as this tend to go above market price at the time to ensure they get maximum support so you probably got more than you would have done had you decided to sell privately at the time. That is why most company's shares rise in value if there is a whiff of a takeover
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