Tyson Foods to close major Nebraska beef plant amid cattle shortage - WSJ
LONDON - Irwell Financial Services Bidco Limited announced Wednesday that Downing LLP has reduced its shareholding in Frenkel Topping Group plc, slightly decreasing the level of support for Irwell's recommended takeover offer.
According to a regulatory filing, Downing sold 39,572 Frenkel Topping shares on October 28, following previous sales earlier in the month. This reduces the number of shares subject to Downing's letter of intent to 10,957,624 shares, representing 8.56% of Frenkel Topping's existing issued ordinary share capital and 12.22% of the voting scheme shares.
The sale follows Irwell Bidco's September 30 announcement of a recommended offer to acquire the entire issued and to be issued ordinary share capital of Frenkel Topping, to be implemented through a court-sanctioned scheme of arrangement.
With this latest reduction, the total number of Frenkel Topping shares subject to both irrevocable undertakings and the letter of intent now stands at 32,578,698 shares, representing approximately 25.45% of Frenkel Topping's existing issued ordinary share capital and 36.34% of the voting scheme shares.
Under the terms of its letter of intent, Downing had previously indicated its intention to vote in favor of the scheme at the court meeting and to support the resolution required to implement the scheme at the general meeting. The letter permits Downing to sell, acquire or otherwise deal in Frenkel Topping shares at any time.
The information is based on a regulatory announcement made by Irwell Financial Services Bidco Limited.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.