Takeover

[MancBaggie]

Even though the properties remain in the target company and there is obviously a change in control of the target company, full form properly due diligence is still extremely common and the Buyer will require property searches and a report on title. 

I see it on every sizeable corporate acquisition - I would be amazed if it’s not being undertaken here - especially given how diligent advisors are for US acquirers

I agree re property searches and a report on title but that’s a matter of weeks, not months.  The buyer will also be relying on the audited accounts regarding verification of ownership of the relevant properties, as well as warranties and indemnities from the vendor (although I accept that those warranties and indemnities might have limited value!).

The warranties will certainly be of limited value given there will be the usual Sellers Protection clauses including de minimis thresholds re warranty claims etc. The indemnities won’t be qualified but imagine trying to enforce them. 

We have got to hope that exclusivity has been granted/ will be very soon. When it is, I would anticipate Completion to be perhaps 4 weeks away given the certificate of urgency on football club acquisitions.  Just seems that no one knows if it has been so granted.