Alternative Networks, an AIM-listed UK business communications service provider, has announced that it received tender offers for 4.22m shares, meaning the offer was more than two times over-subscribed.
Under the terms of the offer, shareholders could tender all or part of their shareholding for cash to be acquired by Investec Investment Banking, for up to a total aggregate consideration of £5.0m.
The tender offer price of 251p was calculated as 105% of the average closing middle market price per share across the five business days prior to Friday 26th.
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As such, Investec Investment Banking will acquire 1.99m shares at 251p which will then be cancelled, and qualifying shareholders who tendered their ordinary shares will be scaled back by 52.8%, and therefore will have successfully tendered 47.2% of the shares they tendered.
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