CK Assets has received enough support from shareholders for its 80p bid for Civitas Social Housing and the offer has now become unconditional.
Just over 64% of Civitas shareholders (including CK Assets’ 17% holding) accepted the bid, which was made on 9 May and was a 27% discount to net asset value (NAV) but a hefty premium to its share price.
CK Asset was able to waive down the acceptance level from the required 75% to 50% in accordance with paragraph 1 of Part A of Appendix I to the Offer Document.
The offer will remain open for acceptance for shareholders that have yet to accept it until further notice, with at least 14 days’ notice given before the offer is closed.
Any remaining shareholders that have not accepted the offer when trading in Civitas shares on the Main Market is cancelled (a further announcement will be made on the date – 20 business days’ notice will be given) will become minority shareholders in a majority controlled private limited company and may therefore be unable to sell their Civitas shares.
CSH : CK Assets receives enough support for Civitas buyout