Animal Health offer price and scheduleBioniche said the AH offers were expected to be received by end of October. It occurred to me that Bioniche probably were the ones who set the date, not the buyers. So I got to wondering why they chose a date about a week prior to the Nov 5th AGM.
My best guess is Bioniche wants the existing Board of Directors to make the choice of which offer wins. The current Board members are more familiar with the situation. They might also be more concerned than the new Board about what happens to the employees following the sale.
If the Board meets the weekend before the AGM to select the winning bid, then presumably the winner, price, terms and closing schedule would have to be immediately announced in a press release. If they meet the morning of the AGM, then it will be announced at the AGM at 4pm.
Schedule is likely about a week to write a management proxy circular (assuming no further negotiations are required, then 21 days for shareholders to read and decide. So it could be a mid-December Special Meeting to approve. Closing on December 31, then dividend by end of February.
Most important step is when the AH selling price is announced because the stock price will adjust immediately to this material new-news. You don't have to wait until February for this. If the announcement is at the AGM, then the stock price will adjust on November 6th. Time for all you traders to jump on board. Only 3 weeks to go. ;-)