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Gold/Mining/Energy : Global Thermoelectric - SOFC Fuel cells (GLE:TSE)
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To: AriKirA who wrote (1859)5/10/1999 9:15:00 PM
From: the Chief  Read Replies (1) of 6016
 
I would like you comments on this excerpt. Both situations seem to exclude a permitted bid. Since a permitted bid seems to be defined as being a takeover bid for all Global Thermoelectric shares that remain open for acceptance for a minimum of 45 days, am I correct in assuming that the above situations concern circumstances in which the bid remains open for less than 45 days? Does it any way have an impact on a hostile takeover (forcing the acquiring company to at least have some discussions the the BoD)?

Yes both situations do exclude a permitted bid. A permitted bid is one that the board accepts as a fair bid for the company. Obviously then a permitted bid would not kick in the "units" as you describe. Hostile takeovers are normally launched with a "quick tender" date. The idea is to ramp up the stock to the bid level and have the shareholders tender as quick as possible. When a hostile takeover is launched, a rights plan that is not in place cannot be made retroactive. So the plan must be in effect prior to the bid. The board has now ensured a rights plan is in effect. The 45 dayrule allows the board to go out and seek higher bids or white knights without jeopardizing the original fair bid. During the 45 days that the shareholders have opportunity to think about the offer, the company can work behind the scenes trying to find a better offer...unless of course, they have already comitted to the first company.

Not sure if that answers the question or not!!<ggg.

the Chief
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