Well, a lot of discussion has come from my post yesterday of a source who said Games Workshop is in the midst of a sale. A few clarifications.
1) Games Workshop is a public company traded in the UK on the FTSE. That means it has very different rules and regulations than for companies publicly traded on an American Exchange.
2) Games Workshop is a fairly closely held public company. That means that a few number of shareholders, in their case, institutions, hold the majority of the shares. Tom Kirby, as Chairman and acting CEO, is very tight with each of these institutions, as some are represented on the board, and others are merely just invested for the long haul.
3) If a sale is in the works, the parties would simply need to get the approval of these limited number of shareholders, and then execute the actual sale contract at a later date. There would be no requirement to tell the minor shareholders of the pending sale until a document was executed.
4) In these transactions, typically a binding letter of intent would be put in place, based on the successful execution of the acquiring parties due diligence would be typical.
This is what happened with T-Mobil and AT&T last year, where the sale was conditional upon regulator approval. When that approval was not going to be forthcoming, T-Mobile got a sweet $ 1 billion payment from AT&T for the deal falling through.
I am not familiar with English law, so I do not know when disclosure is required and for what actions by the board of directors. Anyone who knows for a fact, please chime in.
And everyone in experience in business and public companies, has known that something was up for a while. But the last couple weeks there have been so many indications that this is happening. No one thing that you can point to, just a lot of little things. When my source said it is done, I asked him more questions, to which he couldn't supply answers
Also, both BoLS and Faeit212 authors have said something is up. Natfka posted this on the comments of yesterday's article:
"However, you may be on to something regarding the sale. I just received something as well on it. going to go live with it."
And
"Something is going on. A long time source of mine has chimed in."
So we will wait and see.
Loken