Giles’ £5.1m offer for fellow broking group CBG has been declared unconditional for shareholder acceptances after Giles received more than the target 90% approval rate.
At the first deadline of 24 August, Giles had received offer acceptances from shareholders representing 86.75% of CBG’s shares. By 16.45 the following day, however, Giles had received 90.26% acceptance, breaching the threshold it set out in its offer document.
The offer will remain open for acceptance until further notice.
While Giles has reached its offer acceptance threshold, the offer for remains subject to other conditions, including FSA approval of the purchase.
Once the offer becomes unconditional in all respects, Giles will delist CBG from the London Stock Exchange’s Alternative Investment Market (AIM). It expects to do so 20 days after the offer is declared fully unconditional.
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