The Jones Group's tender offer of 235p cash per share has been substantially oversubscribed. Tenders were received for 10.6 million ordinary shares representing 82 per cent of the Jones equity. Shareholders were entitled to subscribe for shares, representing 60 per cent of their holding. However, they were allowed to ask for more and, if some shareholders did not opt for their entitlement, the surplus would be distributed. Around 5 per cent of the shareholders did not tender. Jones has now decided to accept 12.66 per cent of the shares tendered, in excess of the 60 per cent threshold.

A shareholder, for example, tendering his/her entire shareholding of 1,000 shares, will have the tender accepted for 650 shares; the first 600 shares accepted in full, together with 12.66 per cent of the balance.