For a successful aggressive takeover Lakefield originally said they would seek 90 percent acceptance when the remaining 10 percent of shares could be compulsorily bought. However, Steven Dunn of Lakefield’s financial advisors, Grenadier, told bikebiz.co.uk today that this percentage may be revised down "as is their right".
At 8.17 this morning Lakefield announced it had received valid acceptances over a total of 8,886,152 Shares which, taken together with 4,065,000 shares owned by Lakefield and/or Dr Samann, the Chairman of Lakefield, represents approximately 57 per cent. of H Young’s
issued share capital.
By 10.15am the H Young rebuttal unit had brought out the ‘don’t do it’ statement.
"The Directors continue to believe that the Lakefield offer does not reflect
the full potential value of the company.
"The Directors have indicated that they believe it is in the best interests of
Shareholders to examine all options to maximise shareholder value. The Company
continues to pursue all such opportunities.
"Accordingly, the Directors recommend that Shareholders do not accept the Offer
and that they ignore any form of acceptance."