GUD has moved tantalisingly close to a controlling interest in Breville Group.
GUD told the ASX yesterday that it now has a total interest in 48.12% of Breville’s capital directly and through an acceptance facility.
More than 35.61 million shares are in the acceptance facility, or 27.5% of Breville’s issued capital. These do not indicate acceptance of the offer from GUD.
GUD had struck agreements from other shareholders before its offer that saw it say in the takeover announcement that it had agreement (subject to there being no higher bid) from the holders of around 47%-48% of Breville’s issued shares.
GUD now also has acceptances directly, plus its own holding. That totals 20.62%.
On November 30, Breville said it had acceptances of 19.4% of Breville.
So more than 1.2% has flowed in the past week.
GUD extended the offer last week to December 30.
Seeing GUD started with a holding of 19.2% of Breville, direct acceptances have been slow.
GUD is offering one of its shares (worth $8.88, up 3c yesterday) for every four Breville shares (worth $2.30, steady).
Breville directors have told GUD holders to reject the GUD offer.
But so far they have not put up an alternative and the major shareholder, Premier Investments (Solomon Lew), which holds around 30%, is saying nothing except to note the offer from GUD.
