Yes, that is my understanding after a quick glance at the contract, specifically pages 64 - 66. So, if Gina reaches 19% stake in AZS then AZS has to inform SQM straight away. The scheme of arrangement has failed. The next step is that they need to acquire FIRB approval and, from that point put forward their 3.50 offer to shareholders. Those pages include additional conditions of the bid. So, once Gina stops acquiring at 3.50 I believe there won't be support for the SP at that price but because there is a clear offer still provided by SQM at 3.50 that will support the SP close to that.
I might be butchering it but that is why it is important to read the offer yourself before listening to anyone here as misinformation is easily spread. The old Chinese whispers that we learnt in primary school.
AZS Price at posting:
$3.49 Sentiment: None Disclosure: Not Held
