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Peace breaks out?

6th Oct 2010
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 October 6 – Things are going to the wire on the deal.

I’m told the offer is still being considered, along with others. They haven’t got long – because as the administration continues I think the value goes down. And if they think I’m paying more, they’re wrong. I offered my best price. And that’s it.

So, to other issues. I have been in discussion with the lawyer representing the estate of the late Mrs-ex CEO. He has confirmed that the three children will inherit, and each in their own name. The shareholder agreement allows this. They have however agreed that they will act in concert, and as the shareholder agreement does not affords each of them the right to appoint a director, and none want to face their father he believes he will be asked to take on this task. He clearly wanted to =sound out my opinion on this.

My response was genuine: I am quite happy for him to do this job as he seems sane and pragmatically sensible and commercially astute. Better that than warring factions, by a long way. I made clear though I could not see how we could pay any more in fees than was already being paid to the other shareholder director and he confirmed this was not an issue, but his firm would be paid it if the matter went ahead. Again, I am relaxed about that.

So maybe, just maybe, there will be some stability in this, as she asked of her children before her death. I hope so. We need it. Fighting the realities and risks in the economy will be enough without having to fight a rearguard action with shareholders as well.

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By stevie
08th Oct 2010 14:46

Negotiation

I'm with you on offering a "best price" but a lot of people like to feel they are good at negotiation by getting a bit more out of you. If you'd gone a bit lower then added a bit more the administrator may have been able to feel better about the deal.

Still, hope you get the deal!

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