Turners Group Limited has received acceptances for just short of 7% of Motor Trade Finance as part of its move to acquire 20% of the company.
Turners made an offer to ordinary shareholders of $1.15 per ordinary share. The offer closed on October 17. Read about the offer here.
According to MTF, Turners received valid acceptances for 6.67% (1,539,052) of the shares, taking their holding to 7.62%.
The MTF board has approved the transfers being registered.
Turners has not yet triggered a 10% mark where the board needs to approve the holding of more than that level of MTF shares.
The deal has been complicated by Heartland reiterating its position that it is interested in a full takeover of the company – at a price likely above $1.50 – pending a ‘significant due diligence process’ and the settlement of the Sportzone case, due to be heard in the Supreme court next month.
