Anzon shares were last week worth more than twice as much as Nexus stock, pricing the one Anzon-for-two Nexus offer at a premium to the Nexus share price. In addition, Anzon has now declared its hostile bid unconditional.
But this may not be enough to let it assume control of another 49.8% of Nexus shares by the offer’s closing date of June 6.
At the market’s close yesterday, Nexus was priced at 69 cents, exactly half of the Anzon closing price of $1.38. Therefore the premium no longer applies, but Anzon has offered a sweetener of bonus options (one option for every 20 shares) that investors trading Nexus shares for Anzon stock will be able to apply for.