Kroenke moves closer

[flash gunner]

Just heard Kronke has increased his stake to 29.9% so he cant buy anymore without buying the club

[Chippy]

Just heard Kronke has increased his stake to 29.9% so he cant buy anymore without buying the club

Not quite true. He has to launch a bid if he buys 30% or more but there is no obligation on other shareholders to sell. The problem for him is that if everybody did decide to sell he would have to find hundreds of millions.

[flash gunner]

Just heard Kronke has increased his stake to 29.9% so he cant buy anymore without buying the club

Not quite true. He has to launch a bid if he buys 30% or more but there is no obligation on other shareholders to sell. The problem for him is that if everybody did decide to sell he would have to find hundreds of millions.

So they dont have to sell? Wont it become a hostile takeover then as he has to buy?

[Connolly55]

Just heard that also on Radio 1.

[Chippy]

Just heard Kronke has increased his stake to 29.9% so he cant buy anymore without buying the club

Not quite true. He has to launch a bid if he buys 30% or more but there is no obligation on other shareholders to sell. The problem for him is that if everybody did decide to sell he would have to find hundreds of millions.

So they dont have to sell? Wont it become a hostile takeover then as he has to buy?

Its always hostile unless the board decide to accept an offer and even then a substantial majority (can't remember the %) of the shareholders have to agree. The board have an obligation to recommend acceptance of an offer if they believe it to be in the best interests of the shareholders, and a duty to recommend rejection if not.

[flash gunner]

Just heard Kronke has increased his stake to 29.9% so he cant buy anymore without buying the club

Not quite true. He has to launch a bid if he buys 30% or more but there is no obligation on other shareholders to sell. The problem for him is that if everybody did decide to sell he would have to find hundreds of millions.

So they dont have to sell? Wont it become a hostile takeover then as he has to buy?

Its always hostile unless the board decide to accept an offer and even then a substantial majority (can't remember the %) of the shareholders have to agree. The board have an obligation to recommend acceptance of an offer if they believe it to be in the best interests of the shareholders, and a duty to recommend rejection if not.

So if he buys say another 0.1% he has to launch a takeover bid.... But if the shareholder dont want to sell it can just stay like that, is that right?

[demzy]

The threshold to launch a takeover is actually 29.99%. however there are a few takover guidlines:

- The price offered cannot be lower than the highest price the offerer has paid for shares in the firm in the previous 12 months

- If, after the offer has been made, the offerer has more than 50% of the shares they are deemed to have been successful in their takeover and legally in control

- If an offer is unsuccessful and the 50% shareholding level is not breached then the offerer cannot come back with another takeover attempt for 12 months, unless invited to do so by the compan

[Chippy]

Just heard Kronke has increased his stake to 29.9% so he cant buy anymore without buying the club

Not quite true. He has to launch a bid if he buys 30% or more but there is no obligation on other shareholders to sell. The problem for him is that if everybody did decide to sell he would have to find hundreds of millions.

So they dont have to sell? Wont it become a hostile takeover then as he has to buy?

Its always hostile unless the board decide to accept an offer and even then a substantial majority (can't remember the %) of the shareholders have to agree. The board have an obligation to recommend acceptance of an offer if they believe it to be in the best interests of the shareholders, and a duty to recommend rejection if not.

So if he buys say another 0.1% he has to launch a takeover bid.... But if the shareholder dont want to sell it can just stay like that, is that right?

Yes.

[augie]

The threashold figure is 29.9% and as chippy has said the only obligation is that he mikes a bid to buy the shares at the market price. If the bid is turned down by the shareholders then I believe he cannot make another bid for 12 months.

The fact that has been omitted on here thus far is that the shares he bought today are hill-woods. Surely 100 shares belonging to a man that owned less than 1% of shares prior to this deal must nearly wipe out his shareholding ? Kinda makes a mockery of the whole "we are in this for the long haul" statement although we have come to expect nothing but bullshit from this board Hope kroenke does takeover our club and soon cos I have had enough of this board and they are about as dynamic as a pensioner on a zimmer frame

[flash gunner]

Not quite true. He has to launch a bid if he buys 30% or more but there is no obligation on other shareholders to sell. The problem for him is that if everybody did decide to sell he would have to find hundreds of millions.

So they dont have to sell? Wont it become a hostile takeover then as he has to buy?

Its always hostile unless the board decide to accept an offer and even then a substantial majority (can't remember the %) of the shareholders have to agree. The board have an obligation to recommend acceptance of an offer if they believe it to be in the best interests of the shareholders, and a duty to recommend rejection if not.

So if he buys say another 0.1% he has to launch a takeover bid.... But if the shareholder dont want to sell it can just stay like that, is that right?

Yes.

Thanks. Business lesson over

[SPUDMASHER]

I don't mind him taking over the club. All that concerns me is how he finances it.
I don't want to be in the same boat as Manure and the Mousers.

[dorset_gooner]

I read this week that Kroenke is about to sell his stake in one of his american clubs thus giving him 'cash' to do the Arsenal deal. Cant remember where I read it though,anyone else see this?

[Number 5]

I read this week that Kroenke is about to sell his stake in one of his american clubs thus giving him 'cash' to do the Arsenal deal. Cant remember where I read it though,anyone else see this?

I believe it was in his NFL team but the group trying to finance the deal just booted out one of the major contributors as many feel he is a bit of a racist, Rush Limbaugh something like that. So it's taken a bit of a backwards step.

[Eboue-Why?]

The threshold to launch a takeover is actually 29.99%. however there are a few takover guidlines:

- The price offered cannot be lower than the highest price the offerer has paid for shares in the firm in the previous 12 months
- If, after the offer has been made, the offerer has more than 50% of the shares they are deemed to have been successful in their takeover and legally in control

- If an offer is unsuccessful and the 50% shareholding level is not breached then the offerer cannot come back with another takeover attempt for 12 months, unless invited to do so by the compan

And they've just pointed out on the radio that within the last 12 months his highest price was £10,500 compared to recent purchases of £8500. So if he's got any sense he'll wait until May next year when the £10500 purchases will fall out of the calculation and so he'd save himself millions!

[Number 5]

And they've just pointed out on the radio that within the last 12 months his highest price was £10,500 compared to recent purchases of £8500. So if he's got any sense he'll wait until May next year when the £10500 purchases will fall out of the calculation and so he'd save himself millions!

Not if he leverages the debt against the club. It's won't cost him fuck all then............