I wrote about this in another thread (it's also on the front page), but, reading it back, I realise it may have sounded slightly alarming. :oops:
So, to clarify...
When Randy gets over 50% of the club, control could effectively pass to him. At this point, he could make his offer unconditional.
At this moment in time, a shareholder can...
Accept his offer now and receive a lovely £5.47 per share;
or they can hold on to the shares and potentially succumb to reduced liquidity (due to delisting at the 75% level);
OR face a compulsory purchase (at the 90% level).
If he makes his offer unconditional, you accept it, or risk the a delisting/compulsory purchase.
Also, up to a certain amount of time, the club can release revised information about it's financial state - and with which, the bidder can revise it's terms. Because of this, shareholders still have a certain amount of time to withdraw their acceptances until the offer becomes unconditional as to acceptances.
When it becomes undconditional to acceptances, the takeover WILL go through. It must be delared UtoA by the 60th day of the bid document being received. After this time, his offer to YOU will lapse, this is one of the reasons why it is important to accept NOW.
Lerner seems to be seeking 90% acceptances before making the offer unconditional to acceptances OR (and this is important) he must have acquired or agreed to acquire 50% of the company.
Now remember, Ellis and Co count as acceptances.
Also, due to their irrevocable undertaking, Ellis and Co have basically ALREADY accepted - all we need now is for them to sell.
Randy gets >50% and BINGO!
We can all get Randy.