Cali-Villan Posted August 17, 2006 Share Posted August 17, 2006 I like the idea that Padfield has until Thursday to put in a formal bid, but now I'm really confused. What about the 10-day rule? Or the 21-day rule? Exactly how much power does Rothschild have? Can they set their own deadlines on certain consortiums? My head is going to explode!!!! :? Link to comment Share on other sites More sharing options...
kkr Posted August 17, 2006 Share Posted August 17, 2006 RANDY LERNER has inched closer towards completing the £62.6million takeover of Aston Villa — as rival consortium AV06 face a rap across the knuckles from the Takeover Panel. AV06, fronted by judge Nicholas Padfield, announced on Tuesday that they would be mounting a £70m counter-bid. But to go public with an intention is against the complicated Stock Exchange rules. Now some investors may decide to hang on to their holdings, hoping to rake in even more money. That could slam the brakes on Lerner’s buy-out — delaying it until after the transfer window closes. AV06 have nearly run out of time to make an unconditional offer for the club. If they fail to approach the brokers Rothschild today, then Lerner can put the champagne on ice. The American billionaire’s bid was accepted by Villa chairman Doug Ellis on Monday. Fellow majority shareholder Jack Petchey also agreed to sell his 20 per cent, giving Lerner 56 per cent of the club. He can complete the takeover 21 days from his offer — and sooner if shareholders agree to sell immediately. clicky This is fantastic news! The first time the sun has carried the stroy about the av06 70mil bid, and it is to announce that their shoddy campign of slander and lies is gonna be brought to an end tommorow supposedly! Dont no exactly how that works but maybe rothschild have had enough and said either show us what you got tommorow at least a presentation of your intentions/plans, or dissapear and stop discrediting Lerner in the press, perhaps in an attempt to speed up the return of shares so Lerner all but owns the club and can give O'Neill some money with 14days before the transfer window shuts. I personally believe that this is pretty much it and Lerner has won! with av06 having broken LSE rules he stands no chance now, not that he had much before. Reading cant come quick enough now, hopefully we shall be unveiling O'Neill Lerner and a few signings to a packed villa park!!! Link to comment Share on other sites More sharing options...
bickster Posted August 17, 2006 Moderator Share Posted August 17, 2006 Is this some kind of LSE rule about him making his bid in the public domain ie hes announced his counter bid publically so he only has a certain amount of time to make it formal? Link to comment Share on other sites More sharing options...
JulieB Posted August 17, 2006 Share Posted August 17, 2006 My head is going to explode!!!! Exactly, which is why I'm not thinking about it all...What will be... will be!! Lerner ain't no fool and if he's done his homework on Villa he'll have done his homework on AV06 etc. Link to comment Share on other sites More sharing options...
kkr Posted August 17, 2006 Share Posted August 17, 2006 I like the idea that Padfield has until Thursday to put in a formal bid, but now I'm really confused. What about the 10-day rule? Or the 21-day rule? Exactly how much power does Rothschild have? Can they set their own deadlines on certain consortiums? My head is going to explode!!!! :? Im guessing that the 10 day deadline remains, however rothschild are pissed with av06 due to them breaking the LSE rules and generally sucking ass and so potentially could discount them from the bidding process due to their rule breaking. I think that there will have been discussions between av06 and rothschild which will have gone along the lines of ROTHSCHILD: "You broke the rules!!!" judge: " I know im sorry, honest mistake! we are great tho i mean you wouldnt think id lie to you, im a judge?!" ROTHSCHILD: "If you claim to be so good answer this: why no bid yet? why walk away if lerner puts 30mil in for transfers? why not sign confidentiallity agreement to look at books? why havent you attempted to perform due dilligance? why have you constantly gone to the press about your bid? why say youd go elsewhere if you didnt get villa? why not reveal your backers? why have you even bothered????? judge: "..................." ROTHSCHILD: "Basically you have nothing going for you so in the best interests of Aston Villa you have until close of business thursday to show us something, if it looks like it will be a competitive bid to Lerner (which it wont!) then well look further into it if not(which it will) then please shut up and lave quietly, after all you have borken LSE rules, so tell me judge can you or can you not face legal action for that?" judge: "....................." the 21 days is the time for shareholders to return there forms accepting the bid or not. If no one accepts the offer(hypothetically), then Lerner will be majority shareholder with just under the 60% that ellis and petchy have agreed to sell to him. From there however he could negotiate the sales of the remaining shares i believe(correct me if im wrong this is what i presume)once he reaches about 80-90% ant he basically enforce the sale of the remaining shares by delisting the company??? Link to comment Share on other sites More sharing options...
jamesbuchanan Posted August 17, 2006 Share Posted August 17, 2006 once he reaches about 80-90% ant he basically enforce the sale of the remaining shares by delisting the company??? Yes - correct - 90% The more I think about it, the more I'm convinced this is an internal Rothschild's deadline. If they receive any bids before close of play on the 23rd then they have to first evaluate them and then put them to the board. So they have to give themselves some time to do this - hence a deadline tomorrow. The breaking of rules could be a factor in this timetable, meaning that now they've gone public, AV06 have to get a bid in sharpish. However I think this Rothschild deadline is the over-riding issue. Hopefully somebody more well versed in these matters can confirm this tomorrow - and that's coming from an economist! Link to comment Share on other sites More sharing options...
dont_do_it_doug. Posted August 17, 2006 Share Posted August 17, 2006 Exactly how much power does Rothschild have? Even if AV06 do make a 5% increase on Lerners bid, unless Rothschild recommend it to the board and subsequently the board to shareholders, nothing will delay our mate Randy. Like I said earlier and on another thread, piss off Rothschild and you've got no hope. AV06 have seriously **** themselves, if the LSE give them a slap on the wrists there's no way Rothschild will deal with them. Randy, we're nearly there chap....... Link to comment Share on other sites More sharing options...
Duffman Posted August 17, 2006 Share Posted August 17, 2006 You'd think a judge would know better wouldn't you? :winkold: Tick tock tick tock Link to comment Share on other sites More sharing options...
oldmanvillafan Posted August 17, 2006 Share Posted August 17, 2006 With regards to the magic 10 days does anybody know when it started. Everybody seems to think it will end at close of the SE next Wednesday. I initially thought this myself but have thought about it again. Was it from when the announcement was made to the SE or was it when Ellis and Petchy accepted Lerner's offer (I know the offer is to buy the club but these two are the key). If so, when did he make the offer and they accept. It was obviously after close of the SE on the Friday and before Monday morning as it was all done and dusted for when it opened at 7am. The rumours were going around about the bid at about 1am Monday morning. It is stated in the announcement that another bidder will have to exceed Lerner's offer by 5% but it has been discussed on here that it also has to be a bid that is acceptable to Doug Ellis so that he can recommend it to the shareholders. Where has this come from. If this is the case, is the 10 day deadline for submitting the bid, having it vetted by Rothchilds or approved by Ellis. I am getting totally confused and concerned that I do not understand the situation. The report in the 'Stun' makes me think that they had to get their bid in in time for consideration/ratification before the 10 day deadline. Link to comment Share on other sites More sharing options...
ianrobo1 Posted August 17, 2006 Share Posted August 17, 2006 yes it seems that way andthey said next week ..... it's over Link to comment Share on other sites More sharing options...
ianrobo1 Posted August 17, 2006 Share Posted August 17, 2006 Is this some kind of LSE rule about him making his bid in the public domain ie hes announced his counter bid publically so he only has a certain amount of time to make it formal? bicks, it is wrong what they did. The offer was at 547p a share and without a bid AV06 claimed they could offer 600p a share. they simply can not do this once a bid is in. I wonder who referred them to the takeover panel ? Lerner ? and if so, it shows just how serious he is to win us. Link to comment Share on other sites More sharing options...
Denis_B Posted August 17, 2006 Share Posted August 17, 2006 I think they referred themselves to the TO panel by Paddyfields own crass stupidity in talking to the press! Link to comment Share on other sites More sharing options...
ianrobo1 Posted August 17, 2006 Share Posted August 17, 2006 well that kind of kills them with rothschilds then they won't want to be seen gazumping a bid with them !!! Link to comment Share on other sites More sharing options...
David-Copenhagen Posted August 17, 2006 Share Posted August 17, 2006 I just have a feeling, no one has seen or heard from still since he was at Villa park! And that padfield has Swedish backers in his consortium! You know little things like that maybe its my imagination running over time! Just ignore me! I don't know about Still and Padfield, but I know for a fact that AV06 has Danish people in there - so how they can be considdered British is strange? Link to comment Share on other sites More sharing options...
Demitri_C Posted August 17, 2006 Share Posted August 17, 2006 i was wondering if they were allowed to do that as it will allow shareholders to wait and get more money Link to comment Share on other sites More sharing options...
Denis_B Posted August 17, 2006 Share Posted August 17, 2006 So David who are the Danes involved?.... if Paddy won't tell us I am sure you can Link to comment Share on other sites More sharing options...
David-Copenhagen Posted August 17, 2006 Share Posted August 17, 2006 Michael Laudrup and John Faxe. Not as manger and coach, but investors. Link to comment Share on other sites More sharing options...
David-Copenhagen Posted August 17, 2006 Share Posted August 17, 2006 Laudrup is quite wealthy, but I think they are in the consortium qua their experince as players and contacts in the game. Link to comment Share on other sites More sharing options...
stevenjos Posted August 17, 2006 Share Posted August 17, 2006 SO..... if we hear nothing at close of play today we can hang this thread dry again?????? Link to comment Share on other sites More sharing options...
TOTTI-THE-GOD Posted August 17, 2006 Share Posted August 17, 2006 SO..... if we hear nothing at close of play today we can hang this thread dry again?????? I hope so Link to comment Share on other sites More sharing options...
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