Stafford tops up Phaunos bid but is it enough? – we have a new development in the ongoing saga that has enveloped Phaunos Timber Fund. In response to the announcement of a potential new offer for the trust from Catchmark Timber, Stafford Capital Partners have upped their bid to $0.52 per share. This is still well short of the $0.57 offered by Catchmark, however. This is described as a ‘final all-cash offer’. Stafford says it will be happy to get at least 50% of shareholders signing up for the bid, rather than 90%, which was its original target.
The final closing date is 29 September 2018 (at 1pm, London time). Stafford’s argument is that shareholders should take its fully financed offer in preference to a possible bid from Catchmark. It already has 12.76% of Phaunos’ shares lined up to take its offer.
[UPDATE 18 September 2018 – The board of Phaunos noted the revised cash offer, and reiterated they are “currently assessing the possible all-stock offer from CatchMark for the entire issued and to be issued share capital of the company. The board will consider Stafford’s final offer as part of this assessment and a further announcement will be made in due course.”
PTF : Stafford tops up Phaunos bid but is it enough?