Superhudd
Simon Davies
Re: Cain Hoy takeover
How easy was it for Enic to reach 85%?
Err...............no, they don't!
I think you're getting confused with the fact that, once an investor's shareholding in a particular company reaches the 30% threshold, he is obliged by Stock Market rules to make a mandatory offer for all remaining shares in the company. That absolutely does NOT mean that the shareholders who own the other 70% of the shares are obliged to accept his offer!
What you're thinking of is a "squeeze out" - when a majority shareholder has enough shares to be able to enforce a compulsory purchase of the remaining shares in the company. And on the London Stock Exchange, that threshold is 90%.
So ENIC (or Abramovich, if he had chosen to buy ENIC's 30%) were 60% short. That's quite a lot.
How easy was it for Enic to reach 85%?