31st Mar 2021 22:05
Tavistock Investments PLC - Bracknell-based fund manager - Notes Team PLC's Tuesday announcement of letters of intent being received from six of the 352 shareholders in Tavistock to vote in favour of a takeover offer by the fund management firm.
Continues to view Team's offer as without merit, due to it significantly undervaluing Tavistock's business.
Team is required to make a firm offer by the close of April 20.
On Wednesday last week, Tavistock confirmed it had been approached by Team to discuss the merits of a possible offer at an exchange ratio of one Team share for every 36 Tavistock shares, implying a value of 2.50p per Tavistock share.
Tavistock said then: "The announcement made yesterday by Team omitted to mention that the proposed terms of the original approach were one Team share for every 45 Tavistock shares and, based on the prevailing share prices at the time, equated to 2.00p per Tavistock share, a zero per cent premium to the prevailing Tavistock share price."
Current stock price: 2.37 pence
Year-to-date change: up 69%
By Dayo Laniyan; [email protected]
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