Last night Bollore released provisionary results to their offer for Havas .
They received 73% acceptances which means the offer has been succesful as the minimum required was 50%
Bollore has said they will re-open the offer on the same terms (9 Bolloré shares against 5 Havas shares)
The timetable per the prospectus document now looks as follows
9 January 2015 Offer first close
19 Jan Publication of results
22 Jan Settlement to first close
2 Feb Offer re-opens
20 Feb Close extended offer
4 March Second settlement
While the spread onthe transaction is 10.5% annualised to 4 March.
The cost of borrow on the bollore side seems to be c12% thus opening a position may not prove profitable