Speculation is rife regarding the Slater and Gordon deal and the date shareholders will be informed as to if the offer is on or off.
What we know based on the following statement, contained in the RNS dated the 22nd January 2015 is Slater and Gordon are the party who are putting in a bid for a division of Quindell (believed to be Quindell Legal Services).
“The Company notes the speculation concerning the identity of the third party and can confirm that Slater & Gordon Limited (“S&G”) is the party referred to in previous announcements.”
The RNS on the 2nd January 2015 mentioned the deal involved an exclusivity period.
Other than the above we have heard nothing else officially about the deal other than S&G issuing a statement confirming what Quindell had already announced.
What can we conclude from this information?
1. Quindell would only enter into an exclusivity deal if they expected any bid to be acceptable to themselves.
2. Negotiations are still progressing. If the deal is off the BOD as they had informed the market a deal was happening, would also inform the market when the deal is off.
The deal if on or off has a material impact on the business and the BOD acting professionally would therefore inform the market.
3. The exclusivity deal originally ending on the 2nd February and then being extended to the 16th February with an initial offer being tabled on the 2nd February is at this time speculation.
When you consider advisors like Rothschild are now on board to provide advice. Whatever the date Quindell receive a bid offer it is unlikely the market would be informed on that e day.
Advisors need to be given time to advise.