Alto moves forward with Cobra offer
Alto Intermediary Group has posted its offer document to Cobra shareholders, along with a form of acceptance.
This follows the news that Alto, formed by Cobra chief executive Steve Burrows, had reached agreement on the terms of a recommended £7.3m cash offer for the broker, equal to the closing price of 20p per Cobra share on 28 June 2012.
This offer will remain open for acceptance until 1.00pm on 24 July 2012, and contains notice that Cobra’s board will hold an extraordinary general meeting (EGM) on 19 July 2012.
In a statement to the London Stock Exchange, Cobra said it would recommend that
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