Hanover Bidco declared a recommended revised final cash offer of 18 pence in cash for each brady share. Hanover Bidco had received valid acceptances of the offer in respect of 1,140,344 brady shares. Hanover Bidco has contracted to acquire 46,865,018 brady shares, in addition, via the share purchases.
Pursuant to following share purchases later the same day by Hanover Bidco, the revised offer became a recommended mandatory final cash oﬀer for the Brady’s entire issued and to be issued share capital, not already held by Hanover Bidco (or any persons acting in concert with it), at a price of 18 pence per brady share.
The share purchases are expected to settle on Wednesday 20 November 2019 on a T+2 basis, and as such Hanover Bidco expects the mandatory offer to go wholly unconditional on the same day.