Intl. Family Entertainment has finally overcome the last obstacle to its takeover of TVS Entertainment, parent of MTM, and could make a formal announcement about the completion of the deal as early as today.
Acceptances from TVS preference shareholders for IFE’s sweetened bid have passed the necessary 75% level, according to sources close to IFE. Over 90% of ordinary shareholders have already accepted the deal.
Under the fine print of the offer, this means that the remaining preference shareholders now face the choice of either selling at the revised price, or converting their holdings into ordinary shares worth only half as much.