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Northern foods merger. What happens now?
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Author:  SB_Beginner [ Wed Nov 17, 2010 10:29 am ]
Post subject:  Northern foods merger. What happens now?
Hi all,

I have a question. If you've read the news this morning you may be aware that Northern foods is merging with Greencore to become a new company called Essenta Foods. I am currently long northern foods, and the price has shot up over 10 points so far today. ;)

The question I have is what happens now? Will my spread bet automatically trade out when the new company is formed? Will I be traded into the new company? I have no idea what my spread betting firm (CMC markets) do in this situation.

Has anyone else experienced a similar situation? If so what happened.

Thanks in advance.
Author:  SB_Beginner [ Thu Nov 18, 2010 12:03 pm ]
Post subject:  Re: Northern foods merger. What happens now?
Since the numbers are still pretty low here on the forum I've decided to ask the same question over on the spread betting cenral forum.

If I get an answer I'll post areply here in my own words. Or you can just view the forum topic over on spread betting central
Author:  SpreadBettingTrader [ Fri Nov 19, 2010 8:12 pm ]
Post subject:  Re: Northern foods merger. What happens now?
Did you get a reply from your betting company yet?
Author:  SB_Beginner [ Sat Nov 20, 2010 1:16 pm ]
Post subject:  Re: Northern foods merger. What happens now?
Not yet, as soon as I know more I'll let you know.
Author:  SB_Beginner [ Tue Nov 23, 2010 12:45 pm ]
Post subject:  Re: Northern foods merger. What happens now?
Just though I'd let you all know that I still haven't had a reply from CMC markets yet. I have to say it's not a good reflection on their customer service. I've sent three e-mails so far asking for a response and I have yet to receive any aknowledgement from them that they've even recieved my e-mails.

When I finally get a response I'll let you know what the outcome is.

All the best with your spread betting.
Author:  SB_Beginner [ Thu Dec 16, 2010 4:42 pm ]
Post subject:  Re: Northern foods merger. What happens now?
Finally I had an answer from CMC regarding this question.

Answer: "The position will be closed out on the day the merger takes place. If I want to open a position in the newly merged company I will have to do this manually."
Author:  theduke [ Wed Feb 09, 2011 3:44 pm ]
Post subject:  Re: Northern foods merger. What happens now?
cmc - taking their time.....nothing changed there lol
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