With ongoing uncertainty over level of support for the offer or the group, we retain a neutral stance and 150p share price target ahead of the offer close date of 15 July 2011.
In these offers, the number of shares to be issued is certain, but the value of the deal may fluctuate between the announcement of the offer and the closing date, depending on the acquirer's share price.
Last week, OM Gruppen extended the offer's original closing date until Oct. 23 because it said only about 300,000 shares, or 1percentt of the shares outstanding, had been tendered.
Interested buyers can then raise their bids, offer to put more money down, remove any financing contingency from the offer and adjust the closing date to meet sellers' conditions.
The closing date for this offer is 20 February 2009 and applications received after this date will not be processed.
As of Monday, the original closing date of the offer, OM Gruppen said that it had received acceptances representing 300,000 London Stock Exchange shares, or about 1percentt of the shares outstanding.
"We have set an initial closing date for indicative offers for the business and assets for 12pm on Monday 18 May, after which we will be better able to assess the level of interest.
For instance, they offer the option of picking a quick closing date or putting it off for a while — flexibility that makes it easier to find another home.
In a statement, RSM Tenon set a closing date of next Monday for offers for the Manchester-based business, which was founded in 1999 and is a previous winner of the "Best Wedding Website" category in the BT Online Excellence Awards.
Among the other financials Lloyds Banking Group lost 3p to 69.5p ahead of this Friday's closing date for its placing and open offer, while Royal Bank of Scotland ended 2.1p lower at 38.1p.
Offer must be taken within 12 months of the auction's closing date.
