What is a takeover, and how does this affect me?
A takeover is when one company (Bidder) makes a bid to take control of another company (Target). The bidder will typically offer shareholders cash and/or shares to buy out the shareholding in the target.
If you are a shareholder of the Target, you will have the option to vote if you wish to accept or reject the bidder’s offer.
If you are eligible and wish to participate in a takeover offer, you must:
1. Respond to the invitation email Superhero sends to your registered Superhero email once the takeover has been announced. If you did not receive the email, check your spam folder, or contact us through chat. (If you have unsubscribed from our emails, you will not receive the invitation.)
2. Click on the invitation link and lodge your vote before the closing date stipulated in the email.
3. Superhero will lodge your vote with the company’s share registry once the closing date has ended.
Please note, you will be unable to sell your shares if you have accepted the takeover offer.
If the takeover is successful, your shares will be exchanged for cash and/or Bidder’s shares regardless of how you voted. This will show in the Activity tab in your Superhero Account as:
– A sell transaction on your holdings on Superhero, with the sale price being the cash consideration per share outlined in the takeover.
– If the takeover involved receiving Bidder’s shares, you will see a buy transaction showing you were allocated Bidder’s shares.
If the takeover did not occur, nothing will happen to your holdings.