Oasis has quickly faced the inevitable and switched allegiance from the
existing 82p a share offer from Duke Street Capital to the higher 91p
bid from Associated Dental Practices announced last week.
ADP, already the largest shareholder in Oasis, has bought 150,000 shares
at 91p in the market, taking its stake to 20.2%. Duke Street has
irrevocable acceptances for 37.2% but cannot buy in the market at
current levels without raising its offer..
Oasis has agreed to pay Duke Street £770,000 under the terms of an
inducement fee that helped to prompt its offer. That bid is due to be
put to an EGM on 2 July.
It is always possible that Duke Street will step forward with more but
we think that is unlikely, given that Oasis shares were trading at only
13.25p just 13 months ago and at less than 50p before bid fever sent
them sharply higher in April.
Oasis shares have been up to 93.75p at the end of last week but reality
has seen them ease to 91.25p, still just tantalisingly above the ADP
offer.
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