News blog
Blue Oar/WH Ireland
- BY: Andrew Hore |
- POSTED: 10/03/2009 |
WH Ireland is still in talks with fellow Aim adviser Blue Oar but Evolve Capital’s commitment to vote for the merger is no longer binding.
WH Ireland had to make a firm offer by noon on 9 March 2009 to make Evolve’s agreement binding.
The proposed terms were 0.1194 of a WH Ireland share plus 1p in cash for each Blue Oar share. At a WH Ireland share price of 70.5p, each Blue Oar share would be valued at 9.42p each. Evolve would end up with a 31.8% stake in WH Ireland.
If Blue Oar agree a bid from WH Ireland it is unlikely that Evolve will not accept it. However, this does potentially give other bidders an opportunity if they wish to get involved.
At the current market price if 7p a share, Blue Oar is valued at £11.8m.
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