Dorchester Pacific has hit a milestone – and one of its own conditions – in its attempt to takeover of Turners Auctions – crossing the half way mark.
As of a statement today (Monday October 6), the company had secured acceptances totalling 50.24%
Dorchestercheif executive and executive, Paul Byrnes, said it is a very positive sign of support to have achieved a controlling interest at this relatively early stage in the takeover offer period.
The other satisfying aspect of acceptances to date is the quite significant take up in Shares and Bonds as part consideration – rather than a cash payment.
Excluding chairman Michael Dossor’s Bartel Holdings’ prior commitment to accept a combination of 60% Dorchester Shares and 40% Bonds, the approximate mix has been; 50% Cash, 40% Bonds and 10% Shares.
If Bartel’s acceptance is included, the mix is; 20% Cash, 40% Bonds and 40% Shares.
“We were also particularly pleased to see Turners directors and senior officers intending to accept the offer with respect to their own holdings and that all are taking some shares and/or bonds together with cash as consideration,” says Byrnes. “The opportunity to participate in the ongoing value creation that we believe lies ahead for an expanded Dorchester group is there for all Turners shareholders to take in a way that best suits their individual investment requirements and preferences”.
The offer to Turners shareholders closes on 17th October 2014 unless extended.
