James Hay ramps up Nucleus bid by changing takeover strategy

A takeover offer is a proposal made by the bidding company to target all of the shareholders of the company, while a scheme of arrangement, James Hay's original method of approach, has the target company propose the deal to its shareholders. In this instance, Nucleus directors have consented to the switch to a takeover offer.  A scheme of arrangement deal needs approval of at least 75% of votes cast and is then binding on all shareholders, while a takeover offer must be formally accepted by 50%. A scheme must also be sanctioned by the courts. The Nucleus board and Sanlam, which were both...