IN WHAT has been described by one analyst as a "last-ditch attempt to protect their own jobs", the board of Sovereign Foods is set to apply to the Takeover Regulation Panel for a ruling that the offer from Country Bird Holdings (CBH) has lapsed. In a Sens statement issued on Tuesday, Sovereign said that on the basis of legal advice, CBH’s waiver of the condition that its offer must receive acceptances from at least 50% of Sovereign shareholders was contrary to the Companies Act and the Companies Regulations "and hence unlawful and of no force or effect". Sovereign, which is headed up by CEO Chris Coombes also said that because the waiver contravened the Companies Act, the offer did not become unconditional on September 13 and, therefore, it had lapsed. Analyst Anthony Clark of Vunani Securities described the move by the Sovereign board as "a last-ditch attempt by Sovereign management to avoid the inevitable and protect their own jobs".
CBH chairman Kevin James said the allegat...
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