- Britain's Takeover Panel has given the Dutch conglomerate Akzo Nobel until Thursday August 9 to conclude terms with ICI, while trader talk has left stock markets expecting further news of Tesco's bid, and Sir Tom Hunter's countermoves, for Dobbies
Akzo Nobel is expected this week to table a third offer for ICI of 670p a share, valuing the British company at about £8bn, and 41% above the ICI share price when Akzo's first bid was announced in June.
But should the Dutch bid collapse, Dow Chemical of the US will launch its own bid for ICI.
Akzo's hand could also be forced if shareholders consider the price paid for ICI too high. Some shareholders have already voiced concerns calling the company's actions 'desperate'.
Following the exercise of options in 25,000 Dobbies shares, a market-maker speaking to The Independent said he expects an announcement that 'Sir Tom Hunter has bought the stake'.
Trader talk has added to this speculation with shares ending 105p up on Friday. The market is expecting a 'newsflow', this week the paper added.