The Team

Dave King makes offer for shares – finally!
28/01/2019
Dave King makes offer for shares – finally!

You’ll recall in November last year we reported on the latest developments in the case by the Takeover Panel against Dave King, the Chairman of Rangers International Football Club plc when,  at the end of a two day hearing at the Court of Session, Mr King agreed to make an offer to buy the remaining shares in the company that he and his colleagues hadn’t purchased when they purchased the initial 30% shareholding in the company.
 

The agreement reached at the Court of Session was that the offer to purchase the shares would be made no later than 25th January 2019 and to ensure minds were concentrated on making the offer by that date, a further hearing date was set to review the position in the event that the share offer was not forthcoming.
 

On the afternoon of 25th January 2019, the company announced that Mr King had published his offer to purchase the remaining shares in the company that he and his colleagues didn’t already own.
 

You can find more information on what is known as the “Rule 9 Offer” by clicking here. The offer is open for acceptance by 1 o’clock on Friday, 15th February 2019.
 

As far as the additional hearing date set, it’s likely this will be used to dispose of the case – or perhaps give both parties the opportunity to argue about costs!