28th Aug 2020 09:21
(Alliance News) - RWS Holdings PLC on Friday said it how has irrevocable undertakings and letters of intent representing around 38% of SDL PLC shares in support of the proposed all-share tie-up between the two language services companies.
Shares in RWS were down 4.8% at 619.00 pence in London in morning trading. Shares in SDL were down 3.1% at 758.00p.
On Thursday, RWS had said SDL shareholders would be entitled to receive 1.2246 new RWS shares for each SDL stock they own. RWS shareholders would hold just over 70% of the combined GBP2.7 billion language services group, with SDL shareholders having the remaining 30%.
At that time of the announcement, RWS had received the support of roughly 34% of SDL shareholders. Following the announcement, Invesco Asset Management Ltd sent a letter of intent representing around 4.3% of SDL shares to vote in favour of the deal, and RWS now has letters of intent representing around 37.7% of SDL's existing share capital.
This means RWS has irrevocable undertakings and letters of intent to approve the deal representing approximately 38.2% of SDL.
By Anna Farley; [email protected]
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Related Shares:
RWS HoldingsSDL.L