Goals Soccer Centres plc - the subject of a recommended takeover offer from a newco formed by the Ontario Teachers’ Pension Plan Board – has lost the shareholder vote held at the court meeting to approve the takeover.
Losing a shareholder vote on a recommended takeover effected by scheme of arrangement is very rare; we can’t remember the last time it happened.
Goals Soccer Centres’ announcement is here. The bidder now cannot return for 12 months, or 6 months with the approval of the GSC board and the Takeover Panel (Rule 35 of the Takeover Code).
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