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Voya Asia Pacific High Dividend Equity Income Fund T.IAE


Primary Symbol: IAE

Voya Asia Pacific High Dividend Equity Income Fund (the Fund) is a diversified, closed-end management investment company. The Fund’s investment objective is total return through a combination of current income, capital gains and capital appreciation. The Fund seeks to achieve its investment objective by investing primarily in a portfolio of dividend yielding equity securities of Asia Pacific companies. The Fund will seek to achieve its investment objective by investing at least 80% of its managed assets in dividend producing equity securities of, or derivatives having economic characteristics similar to the equity securities of Asia Pacific Companies that are listed and traded principally on Asia Pacific exchanges. The Fund will invest in approximately 60-120 equity securities and will select securities through a bottom-up process that is based upon quantitative screening and fundamental analysis. Voya Investments, LLC is an investment adviser of the Fund.


NYSE:IAE - Post by User

Comment by KeithR39on Feb 27, 2017 6:02pm
210 Views
Post# 25901810

RE:Question

RE:Question "If less than 50% of the shares are tendered, does Delek have the option to acquire these shares, thereby increasing their shareholding beyond 20%?"

"Take up and payment for the shares is subject to a minimum tender condition that requires more than 50% of the common shares being deposited pursuant to the Offer"

https://www.ithacaenergy.com/media/news/recommended-takeover-delek

"50% Minimum Tender Requirement: Take-over bids are subject to a mandatory, non-waivable minimum tender requirement of more than 50% of the outstanding securities of the class that are subject to the bid, excluding those beneficially owned, or over which control or direction is exercised, by the bidder and its joint actors (the Minimum Tender Requirement)."

https://www.osler.com/osler/media/Osler/reports/mergers-acquisitions/Canadian-Public-Company-M-A-Guide-2016.pdf


Furthermore, people tend to think that the management has already render all their shares, but:

"In the event that Delek does not take up its right to match a Superior Proposal (as defined in the Appendix below) and Ithaca terminates the Agreement in accordance with its terms, the lock-up agreements will automatically terminate."


I have a feeling that the guys have just been "politically correct" knowing that  this bid wouldn't go through...just my opinion.



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