Gerald Wright wrote:
> My brother-in-law, who knows more about financing then I'll ever know,
> said there are two possibilities, either they plan on taking Ancestry
> private or they plan on improving it so they can sell it later at a
> profit.
From what I can see, Ancestry.com as it was, was at least partly listed on
the Stock Exchange. The effect of the takeover will be that the
shareholders on the Exchange will be paid out at $32 a share. (It happened
to us once: the takeover went through, and a cheque arrived for our shares.)
That is the only meaning I can give to the reference to a 41% advance on the
share price. If I am right, Permira will become sole owners. Permira's
statement that they look forward to working with the present management,
could mean that they become 100% owners, or that they will have a
controlling interest, but the rest of the report doesn't gel with a
controlling interest. Here in Australia, there are rules about how much of
the pie Permira must own before they can force minority shareholders to
sell. What the USA rules are, and whether they are State or Federal, I have
no idea.
That is why objecting is so stupid. At least two shareholders claim that
the price is inadequate. Let them sell their shares on the Exchange, and
accept 41% less for them. It sounds a bit like the farmers who say "I know
what my property is worth, and I will hold onto it until the market reaches
my price." You can't say that to your creditors.
Doug.
