Lakefield's hostile bid for the owner of Madison, launched by 'Mr Magic Tree', has been successful, today notching up 91 percent shareholder acceptance of its terms

Lakefield acquires H Young plc

Lakefield Holdings Ltd has said its cash offer for H Young is unconditional in all respects, as all conditions have either been satisfied or waived.

By 3.00 pm today, valid acceptances had been received in respect of a total of 16,953,984 H Young shares, representing 91.4 percent of the shares subject to the offer.

The ordinary offer will remain open for acceptance until further notice. Lakefield will exercise its right under section 429 of the Companies Act 1985 to acquire compulsorily all the ordinary shares in respect of which it has not received a valid acceptance of the Offer.

Since the commencement of the offer period, Lakefield or parties acting on its behalf have bought 155,000 H Young shares, taking the total to 92.9 percent.

With Dr Samann of Lakefield now in the driving seat it will be interesting to see how the members of the Madison/Leeda MBO team – who were stymied by Samann – react to his leadership.

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