Takeover parts 1 & 2

[AVFCinSpain]

Michael Laudrup and John Faxe. Not as manger and coach, but investors.

But who are the billionaires, Padfield keeps referring to?

[villabug]

Michael Laudrup and John Faxe. Not as manger and coach, but investors.

But who are the billionaires, Padfield keeps referring to?

His imaginary friends.

[lp_villa830]

Been away for a few days so tell me if i have got this wrong, but Ellis and Petchey have sold there combined 54% to Lerneras far as i can tell.

So how can the AV06 group takeover if Lerner already has majority shareholding???

Sorry if just repeating a question.

[TOTTI-THE-GOD]

Other parties have 10 days to better the offer lp-villa

[runetune]

Been away for a few days so tell me if i have got this wrong, but Ellis and Petchey have sold there combined 54% to Lerneras far as i can tell.

So how can the AV06 group takeover if Lerner Already has majority shareholding???

Sorry if just repeatung a question.

Because there is a short period of grace as it were, where someone else can offer 5% or more above Lerners bid amount.

This improved bid would then either be approved or rejected by Rothschilds, Ellis/Petchey and the AVFC board.

Anyone of those can say they don't approve of the bid.

[lp_villa830]

Oh so he doesn't take the shares offically off Ellis and Petchey and whoever else till after this 10 - day period.

[runetune]

And just catching up with this all myself...... read the Sun's report and will be interested to see how accurate this is.

Certainly, as some here yesterday predicted, the LSE rules are very strict and by commenting about their possible bid AV06 are likely to get a telling off.

Mind you, having listened to the interview Padfield gave again yesterday to type a segment out - it was apparent then, he might know about general law, but obviously doesn't understand the rules of the LSE because they were asking to be told about any formal bids!

I doubt Rothschilds will now take them seriously anyway unless the bid itself is way over and above what Lerner is offering in all areas...... not just the financial.

[runetune]

Oh so he doesn't take the shares offically off Ellis and Petchey and whoever else till after this 10 - day period.

Thats correct.

Its a 10 day calander period as well not working day.

EDITED TO ADD: Its 21 days for the other shareholders to return their decisions either to sell or not - the 10 days only applies to getting another improved bid in.

[villafan306]

But before this 10 day preiod expires the bid must be evaluated and recommended to the board and then recommended to the shareholders. That is why Rothchilds have probably put a deadline fo today because they need to look at the bid in detail and call a board meeting before Wednesday if it beats Lerners.

[AVFCinSpain]

Been away for a few days so tell me if i have got this wrong, but Ellis and Petchey have sold there combined 54% to Lerneras far as i can tell.

So how can the AV06 group takeover if Lerner Already has majority shareholding???

Sorry if just repeatung a question.

Because there is a short period of grace as it were, where someone else can offer 5% or more above Lerners bid amount.

This improved bid would then either be approved or rejected by Rothschilds, Ellis/Petchey and the AVFC board.

Anyone of those can say they don't approve of the bid.

But surely if Ellis and Petchy sell their 56% to Lerner, the others could sell to AV06, but Lerner would be in the Ellis position of the last 20+ years, e.g. he calls the tune.

If AV06 can't obtain a majority holding, I'd guess they'll head elsewhere. I think that Padfield and co. have based their £70m bid on shareholder greed to ditch Lerner. Just hope they've misjudged the situation as far as Ellis and Petchy are concerned.

[runetune]

But before this 10 day preiod expires the bid must be evaluated and recommended to the board and then recommended to the shareholders. That is why Rothchilds have probably put a deadline fo today because they need to look at the bid in detail and call a board meeting before Wednesday if it beats Lerners.

Yeah if the Sun is right (and we have no reason not to doubt this atm) then it could very well be there is a self imposed timescale on this from Rothschilds.

I am not too sure how that might hold up to a legal challenge though if someone wanted to if the LSE rules specify a 10 period? Unless in there is another clause that allows you to place your own deadline for bids for consideration?

Perhaps they is someone here qualified enough who could clarify that please?

[Jez]

Villa fans' disquiet on Lerner plan

Aug 17 2006

By Ged Scott

One worried section of Aston Villa fans are still far from sold on the idea of American Randy Lerner as the new owner of their club.

All Villa chairman Doug Ellis has done by accepting Lerner's £62.6 million offer on Monday is effectively seal his own exit by starting the ball rolling in a bidding war by recommending it to the club's shareholders. But, with the rival consortia led by local businessman Michael Neville and deputy high court judge Nicholas Padfield QC each understood to be intending to top Lerner's offer, there are still clearly battles to be fought in a campaign that is not yet over.

And Villa fanzine Villa Matters is urging caution over the American bid, demanding Ellis to scrutinise all the bids being tabled and not make a hasty decision.

This is the first time in more than a generation that the chance to take control at Villa has become open to offers. And fanzine editor Trevor Fisher argues that, if it gets into the wrong hands, the consequences could be disastrous.

"The ownership battle will decide Villa's fate for years to come," said Fisher. "It is not obvious that the first bid must be accepted, and there is no need to close the options down.

"The principle 'marry in haste, repent at leisure' applies to the current situation. The Lerner bid is not the only one, and there are good reasons to think it may not be in the interests of the club.

"Most fans seem to think it is automatic that the bid will lead to more money and better leadership at the club. It is not automatic that this will happen.

"Randy Lerner may not be a Roman Abramovich. It is possible that, like the Glazers at Manchester United, finance may not be as readily forthcoming as fans think.

"The rumours that the American bid is fuelled by the intention to build a casino, or install gambling facilities short of a full casino facility are worrying. Villa are a family club. Is the link with gambling desirable? Would the cash go into the club, or back to America? Mr Lerner needs to make his intentions clear.

"It is proposed that a US General with Vietnam experience will be appointed chair along with other Americans.

"What links and commit-ment to the club will there be? What is the link between fighting the Vietcong and running an English football club?

"Doug Ellis was both a Villa fan and a man with great experience in English football. The proposed bid seems to lack both.

"Mr Lerner is clearly good at making money. But is he good at sporting institutions?

"In the last seven years, the Cleveland Browns have not been massively successful.

"They have not come top in either of the leagues they have played in and, in 1999 and 2000, came sixth out of six.

"Mr Lerner is also reported to be hostile to fan involvement. He must clarify what his record is in the sporting arena.

"The club needs an owner-ship set up which is clearly committed to football priorities in general and Aston Villa in particular. The owners need expertise in English football and top class sport, and have no intention of using the club as a cash cow."

It would take another bid of five per cent above Lerner's for it to be given consideration. And, already, there has been a r esponse, with Padfield believed to be close to putting together a £70 million package [2014] £7.4 million more than offered by American billionaire Lerner and accepted by the Villa board.

Padfield said: "This is by no means over. We are indefatigable in our efforts to secure the club because we have the club's interests at heart."

"We are not American, and want to fly the flag."

Although he has so far refused to name the people behind his consortium, he added: "While I'm not prepared to go into details, certainly we have billionaires."

While Villa's off-the-field future is still to be sorted, Celtic could hold the key in new manager Martin O'Neill's hope of making signings before the close of the August transfer window.

Both are involved in a four-club battle trying to take 30-year-old Danish midfielder Thomas Gravesen, who has been told he is no longer wanted by Real Madrid and is a vailable at a price of £2 million.

But, even if Villa missed out, that could still free up another O'Neill target, Bulgaria international Stilian Petrov, to leave Parkhead and move to the Midlands. n Republic of Ireland international midfielder Andy Reid has left Tottenham Hotspur for Premiership rivals Charlton Athletic.

The midfielder has signed a four-year deal with the Addicks in a deal which could be worth £3 million.

Reid, who has won 22 caps and scored three goals for his country, joined Spurs from Nottingham Forest in January, 2005 for £4 million.

He made 27 appearances while at White Hart Lane and scored one goal, against Aston Villa in May 2005.

Clicky

[runetune]

But surely if Ellis and Petchy sell their 56% to Lerner, the others could sell to AV06, but Lerner would be in the Ellis position of the last 20+ years, e.g. he calls the tune.

If AV06 can't obtain a majority holding, I'd guess they'll head elsewhere. I think that Padfield and co. have based their £70m bid on shareholder greed to ditch Lerner. Just hope they've misjudged the situation as far as Ellis and Petchy are concerned.

My understanding is that (assuming this all goes Lerners way) Petchey and Ellis will sell their shares.

For the deal to be completed, Lerner wants to have at least 75% of the shares sold to him overall..... so this is where the smaller shareholders come into play. Their decisions could have a final bearing on this.

Personally, I don't doubt that Lerner will get all this...... and you are right, if Lerner is given the majority of shares anyway by Ellis and Petchey declaring they don't approve of a bid from AV06 should it come in - then AV06 will find it very difficult and almost certainly would disappear.

[Digsby]

Oh dear god

EDIT: At the article Jez posted!

[Jez]

But before this 10 day preiod expires the bid must be evaluated and recommended to the board and then recommended to the shareholders. That is why Rothchilds have probably put a deadline fo today because they need to look at the bid in detail and call a board meeting before Wednesday if it beats Lerners.

They have put a deadline on it? Where it say this Andy?

[runetune]

Jez - Interesting.

"Randy Lerner may not be a Roman Abramovich. It is possible that, like the Glazers at Manchester United, finance may not be as readily forthcoming as fans think.

"The rumours that the American bid is fuelled by the intention to build a casino, or install gambling facilities short of a full casino facility are worrying. Villa are a family club. Is the link with gambling desirable? Would the cash go into the club, or back to America? Mr Lerner needs to make his intentions clear.

Nice to see they are continuing to perpetuate the rumours that have been denied and once again someone is trying to link Lerner to the Glazer style of buying, even though its been shown that its a CASH offer!

As for:

The Lerner bid is not the only one, and there are good reasons to think it may not be in the interests of the club.

Actually it is the only one and unless there is another formal bid - you can't compare someone elses.

[runetune]

But before this 10 day preiod expires the bid must be evaluated and recommended to the board and then recommended to the shareholders. That is why Rothchilds have probably put a deadline fo today because they need to look at the bid in detail and call a board meeting before Wednesday if it beats Lerners.

They have put a deadline on it? Where it say this Andy?

Hi Jez,

Its in the Suns report about 3 pages back now I think.

[Jez]

Cheers run, i shall go back and read

[RussG]

Villa fans' disquiet on Lerner plan

Aug 17 2006

By Ged Scott

One worried section of Aston Villa fans are still far from sold on the idea of American Randy Lerner as the new owner of their club.

All Villa chairman Doug Ellis has done by accepting Lerner's £62.6 million offer on Monday is effectively seal his own exit by starting the ball rolling in a bidding war by recommending it to the club's shareholders. But, with the rival consortia led by local businessman Michael Neville and deputy high court judge Nicholas Padfield QC each understood to be intending to top Lerner's offer, there are still clearly battles to be fought in a campaign that is not yet over.

And Villa fanzine Villa Matters is urging caution over the American bid, demanding Ellis to scrutinise all the bids being tabled and not make a hasty decision.

This is the first time in more than a generation that the chance to take control at Villa has become open to offers. And fanzine editor Trevor Fisher argues that, if it gets into the wrong hands, the consequences could be disastrous.

"The ownership battle will decide Villa's fate for years to come," said Fisher. "It is not obvious that the first bid must be accepted, and there is no need to close the options down.

"The principle 'marry in haste, repent at leisure' applies to the current situation. The Lerner bid is not the only one, and there are good reasons to think it may not be in the interests of the club.

"Most fans seem to think it is automatic that the bid will lead to more money and better leadership at the club. It is not automatic that this will happen.

"Randy Lerner may not be a Roman Abramovich. It is possible that, like the Glazers at Manchester United, finance may not be as readily forthcoming as fans think.

"The rumours that the American bid is fuelled by the intention to build a casino, or install gambling facilities short of a full casino facility are worrying. Villa are a family club. Is the link with gambling desirable? Would the cash go into the club, or back to America? Mr Lerner needs to make his intentions clear.

"It is proposed that a US General with Vietnam experience will be appointed chair along with other Americans.

"What links and commit-ment to the club will there be? What is the link between fighting the Vietcong and running an English football club?

"Doug Ellis was both a Villa fan and a man with great experience in English football. The proposed bid seems to lack both.

"Mr Lerner is clearly good at making money. But is he good at sporting institutions?

"In the last seven years, the Cleveland Browns have not been massively successful.

"They have not come top in either of the leagues they have played in and, in 1999 and 2000, came sixth out of six.

"Mr Lerner is also reported to be hostile to fan involvement. He must clarify what his record is in the sporting arena.

"The club needs an owner-ship set up which is clearly committed to football priorities in general and Aston Villa in particular. The owners need expertise in English football and top class sport, and have no intention of using the club as a cash cow."

It would take another bid of five per cent above Lerner's for it to be given consideration. And, already, there has been a r esponse, with Padfield believed to be close to putting together a £70 million package [2014] £7.4 million more than offered by American billionaire Lerner and accepted by the Villa board.

Padfield said: "This is by no means over. We are indefatigable in our efforts to secure the club because we have the club's interests at heart."

"We are not American, and want to fly the flag."

Although he has so far refused to name the people behind his consortium, he added: "While I'm not prepared to go into details, certainly we have billionaires."

While Villa's off-the-field future is still to be sorted, Celtic could hold the key in new manager Martin O'Neill's hope of making signings before the close of the August transfer window.

Both are involved in a four-club battle trying to take 30-year-old Danish midfielder Thomas Gravesen, who has been told he is no longer wanted by Real Madrid and is a vailable at a price of £2 million.

But, even if Villa missed out, that could still free up another O'Neill target, Bulgaria international Stilian Petrov, to leave Parkhead and move to the Midlands. n Republic of Ireland international midfielder Andy Reid has left Tottenham Hotspur for Premiership rivals Charlton Athletic.

The midfielder has signed a four-year deal with the Addicks in a deal which could be worth £3 million.

Reid, who has won 22 caps and scored three goals for his country, joined Spurs from Nottingham Forest in January, 2005 for £4 million.

He made 27 appearances while at White Hart Lane and scored one goal, against Aston Villa in May 2005.

Clicky

What a load of garbage, they obviously haven't a clue.

I can't wait for this to be FINALLY over!

[runetune]

Oh dear god

EDIT: At the article Jez posted!

I know....... for someone to be telling others to be careful and scrutinise all bids, I am afraid this doesn't seem to be something that they have done.