You're right @calmbeforestorm.
The FIRB condition cannot be waived by SQM under the Implementation Deed for the off-market takeover - I hadn't checked this to now. Technically, SQM should be able to waive but I can understand why Azure wouldn't have allowed in the negotiations because if SQM didn't get FIRB approval, they would have to sell shares on market which may depress share price (with price likely coming off significantly if the bid didn't proceed because no FIRB approval - which I think is unlikely).
That means SQM can't buy on-market (as part of the off-market takeover) until they got FIRB and declare the off-market takeover unconditional. Shareholders are free to accept before it goes unconditional (and SQM would show an increase in their relevant interest in shareholder notices) but there is no legally binding contract, and shareholders can withdraw in some circumstances before it becomes unconditional (e.g. takeover offer is extended for 1 month or more) and shareholders would still hold shares if ultimately takeover offer was terminated.
Azure share price could trade below $3.50 before February (although I don't think by much, unless material adverse change - think something like Australia goes to war). However, if Scheme doesn't get up, I expect SQM will have FIRB approval by then and off-market takeover kicks in and people can sell shares at $3.50.
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You're right @calmbeforestorm. The FIRB condition cannot be...
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