Despairing of a recommendation from the Case Group Plc board, Gandalf Technologies Inc yesterday made an increased final offer for the company, valuing the bid at 109 pence a share against yesterday’s 87 pence – and putting a UKP69.8m tag on Case. The offer is 540 pence and one Gandalf share for every nine Case held – and there is a sort of cash alternative. Holders can elect to go for all cash and get UKP1 a share, or all shares, in an exchange valued by Gandalf at 121 pence a share – but each option will be available only to the extent that other holders accept the alternative, which suggests that people going for all cash will be tendering blind. The maximum cash Gandalf is now tossing into the pot is UKP34.8m against UKP23m previously, and Case holders would end up with 35% of the merged firm. Case immediately rejected the bid, but it may now need a white knight.
