Barto saying that Primary does not have certain financing for the Symbion takeover.
Primary's total holding+acceptance+IAF jumped from 44 to 48% yesterday, so in my opinion their latest push for 50.1% by Tuesday looks likely to succeed. An effective 50.1% minimum acceptance criterion looks a lot more credible that 90% which had no chance of ever happening.
So what now ? its unclear whether they can pay for the shares of the people accepting the bid, but it would be spectacularly embarrassing for them if they cant, so I am sure they will find a way. If only, say, 60% accept, they will have control and should not have too much trouble paying for them. If 85% accept, they will have to find more money.
Once the paying for the shares is sorted out, what then ? Are they likely to reach 90% ? My gut feeling would be no, but in this market anything is possible.
They may have to come back next year. The very different outcomes of OPSM, Auspine and Pacifica takeovers may serve as useful reading.
SYB Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
