“So tell me what we‘re expecting for today.”
“The Stock Exchange will soon make a public announcement of our takeover bid. The bid statement will be published by the Commission and appear in two national dailies. We‘ve sent out our off-market bid to the shareholders with a two-tier tender offer for cash or exchange of shares from some of your companies. From all indications it should be busy going forward.”
“That is very commendable. Do you have enough people here to work with?”
“Yes. When do you intend for us to send a formal letter of offer to Bestman‘s lawyers?”
“I know they should all go out together but let‘s hold on for a while yet. They‘ll get some information from their shareholders who want confirmation. Other than that, let them sweat a little chasing their own tails while trying to find out whom exactly is after them.”
“We can‘t delay it beyond Friday; they‘ll soon find out about the fund I manage.”
“I can deal with that. How many more shares do you think we can acquire by then?”
“There‘s over twenty percent up for grabs. With the premium we‘re offering we can sponge up as much as fifteen. A few of the shareholders may reject us on loyalty grounds.”
“Like the former owner for instance.”
Mr. Odusote laughed. “She already called this morning with a scathing reply to our offer.”
“We can do better than her measly two percent.”
“Well the battle for the board of Bestman Group PLC is on, and I can see a victorious end. You know we can push for a place on the board with voting rights even now? Do you frankly believe that a tender offer would be cheaper and easier in the scheme of things?”
“Yes I do and I prefer taking my time rather than doing everything in one fell swoop. By the time I am ready, Edward will be the chairman no more. Also, get more information from the insider; we really need to have a look at their bylaws. I don‘t want any surprises.”
“I will do that Chief. I will start calling the other executive directors this week. There are several options open to them that we need to plug in advance of a likely extraordinary general meeting. We must also impress on the rest of our staff here that they all have to be on their toes. “