How Kretinsky could force a Hammers takeover
Should Daniel Kretinsy decide to purchase 3 per cent or more of any available West Ham shares it would force him to trigger a full takeover bid writes Sean Whetstone.
Where a bidder is interested in shares carrying 30per cent or more of the voting share rights, the bidder must make a mandatory offer in cash at no less than the highest price paid during the preceding 12 months (often referred to as a “Rule 9 offer”).
A Rule 9 waiver is available but only if the UK takeover panel agrees. There is no indication whether Kretinsky wishes to increase his shareholding beyond the 27 per cent level but this could be the main reason he hasn’t attempted to buy the 10 per cent the Gold family trust has put up for sale.
The Gold family have appointed Rothschilds to market 10 per cent of their 25. per cent shareholding after all existing shareholders passed on the option to increase their shareholding.
The West Ham, board believe it is in everyone’s interest to bring in a new investor.