Sean Whetstone reports that if Daniel Kretinsy decides to purchase 3 per cent or more of any available West Ham shares, it would require him to make a full takeover bid. If a bidder is interested in shares carrying 30 per cent or more of the voting share rights, they must make a mandatory cash offer at no less than the highest price paid in the previous year, known as a “Rule 9 offer.” However, a Rule 9 waiver is possible with approval from the UK takeover panel. There is uncertainty about Kretinsky’s intentions to increase his shareholding beyond the current 27 per cent level, which could be why he has not attempted to buy the 10 per cent the Gold family trust has put up for sale. The Gold family has appointed Rothschilds to market 10 per cent of their 25 per cent shareholding after existing shareholders declined the option to increase their shareholding. The West Ham board believes that bringing in a new investor is in everyone’s best interest.
DEAL CONFIRMED: WEST HAM TAKE OVER
