Takeover tally goes up
Frankel UK Bidco Limited, the buyer behind the recommended cash acquisition of Idox plc, just gave investors a fresh number to chew on: irrevocable undertakings and non-binding letters of intent now represent 37.34% of Idox shares, or 172,420,698 shares.
That’s basically the corporate version of saying, “We’ve got some people in the room, and a few more might show up.” It doesn’t seal the deal, but it does make the bid look more believable than a late-night group chat idea.
Why you should care
For shareholders, the math matters because support levels can hint at whether a takeover has enough momentum to clear the finish line. More backing can reduce the odds of drama, while weak support can turn a friendly bid into a very expensive headache.
Still not champagne time
A non-binding letter of intent is helpful, sure. But “non-binding” is doing a lot of heavy lifting here — it’s the corporate equivalent of “we should totally hang out sometime.” So this is progress, not perfection.
Big picture: the bid is gaining traction, and that usually keeps takeover speculation alive. But until the paperwork is actually closed, you’re still in the rumor-to-reality transition zone.