Included in the announcement by Lookers on Tuesday, was a statement that, "The acquisition will be conducted through a scheme of arrangement which will require approval by Reg Vardy's shareholders holding 75 pct or more of the equity"
Today, Pendragon's statement said, "Pendragon announces that as at 3.00 p.m. (London time) on 18 January
2006, the second closing date of the Offer, valid acceptances had been received in respect of a total 15,999,757 Reg Vardy Shares, representing approximately 28.4 per cent. of Reg Vardy's issued share capital and that such acceptances may be counted towards the satisfaction of acceptances to the Offer. None of these acceptances were received from persons acting in concert with Pendragon."
So given that Pendragon already has acceptances of more than 25% and Lookers bid apparently requires at least 75% acceptance, why is it that the Lookers bid hasn't failed?
Usual TIA
Regards
Richard Buttrey __