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Ann: Change in substantial holding from GXY,GXY-GMM.AX, page-63

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airconditioner

1,658 Posts.

2879

27/07/16

23:30

Post #: 18383237
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Originally posted by Endyne ↑

GXY has the option to waive the 90% acceptance condition (without GMMs consent) if it gains control of 80% of GMM shares.

Importantly, the bidder's statement states that the offer stands until the end of the offer period (including any extension) or until the takeover bid is withdrawn.

It will not be withdrawn since the take-over bid will obviously be successful, which means the offer will stand until the end next week. I.e., no trading halt or de-listing before then.

Further reading if the conditions has lead me to a realisation of why the offer was extended for a week. Namely that the take-over bid cannot be made unconditional in the last 7 days of the offer period!

That means that even if 89% was reached this week, GXY would have been unable to waive the 90% acceptance condition and the whole take-over would've failed. Guaranteeing 90% acceptance this week would've seemed quite iffy towards the end if last week.

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Read Bidder's Statement - Section 6.3.3
I can't copy it in here at the moment for some reason
but you're getting tangled up there @Endyne.

GMM have to waive the 80% and GXY have to waive the 90%.
Lots of waiving but no drowning if its less than 90%.

GXY Price at posting: 45.0¢ Sentiment: Buy Disclosure: Held
6 Upvote

0 Great analysis

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