Nucleus’ directors have consented to the switch to a takeover offer.
Under a takeover offer, a proposal is made by the acquiring firm to target all shareholders of the company to be acquired.
This new approach only needs 50% of shareholders in order for the acquisition to be formally accepted. The board of Nucleus and current private-equity owner Sanlam hold over 50% of the company between them, with both saying they are in favour of selling.
James Hay had previously secured 94.93% of the votes received but need to be secure about the total votes being cast.
A scheme of arrangement, James Hay’s original approach to the acquisition, sees the acquisition target propose the deal to its shareholders. This approach needs at least 75% of shareholder votes.
The terms of the offer remain the same with Nucleus shareholders entitled to receive 188 pence per share.
Earnings per share also dropped 46% year on year as the firm put its final dividend on hold due to the proposed acquisition.
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