Steering away from the general takeover norms, Anchor AS, the Offeror in the intriguing corporate play, has waived off the ‘Board Recommendation’ condition from its cash offer. This innovative move, unheard of in regular merger and acquisition tales, leaves the recently elected board of REC Silicon ASA, the offeree company, free to reassess the all-cash voluntary offer.
Previously, strict restrictions bound the board recommendations. However, after the election of new board members on June 25, 2025, this decision has set forth much-needed flexibility in the process. This implies a waiver of the same restriction under their transaction agreement as well. The new board will thus not be tethered to the actions of their predecessors and will be able to independently conclude on whether to reconfirm or withdraw the recommendation of the offer.
In a clear endorsement of the company’s growth prospects, tech firm IXICO has awarded share options to two of its executives. The AIM-listed medical imaging analytics firm has reportedly provided chief technology officer Mark Austin and chief business officer James Chandler with 850,000 options to subscribe for ordinary shares of 1 pence each in the company.
Both Austin and Chandler are considered Persons Discharging Managerial Responsibility (PDMRs), a designation important under the Market Abuse Regulation. The options come with vesting criteria, designed to drive retention and annual share price growth over a three-year period. All options are subject to a hold period until the third anniversary of their award. The share price growth required to meet these criteria can be achieved either through an absolute annual compound growth rate of 40% over the three years, or a 40% increase relative to the previous year’s share price.