Post by
uograd on Nov 08, 2017 3:12pm
new offer from william hill coming
been ciphering on what is going on here all day and have finally figured it out. William hill would convert only under 2 conditions, one to block deal or two to make their own bid.
Sure they could block deal but at current price they would take a 40% or so haircut on their investment which makes no sense. They would be better off letting deal go through getting back their 80 million pounds and moving on.
However their press release says they never said they were going to block the deal so then they can make a bid of their own. Whether they convert and recieve cash for their shares or don't convert and get the 80 million pounds is a moot point if they want to buy Nyx.
So they convert and end up with all their shares and then make a new offer of 2.75 for the remaining shares. They control 31.9 per cent so do that, pay the breakup fee, kick Davey and his merrymen down the road and get what they really want which is NYX.
They could do all this without converting but if they convert they can put more guys on the board etc if it falls apart.