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12/05/23
14:23
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Originally posted by zebster:
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That's all correct. With a 'best and final' status, Wyloo's offer cannot be amended unless a competing offer emerges, which isn't going to happen. Furthermore, with a previously disclosed ~62+%* shareholding, AF effectively has the numbers to push through a Special Resolution (via EGM) to delist MCR. (It wasn't until Wyloo crossed, say, 60% ownership that they could be sure with any degree of certainty they had the numbers to force through a delisting Special Resolution. It shouldn't come as a surprise to anyone to see their recent update highlighting their intentions in that regard after crossing that notional threshold.) (*Edit: Updated to 70.4% today, in real-time, as I type this reply. It looks like IGO just accepted. Relevant disclosures (from IGO and Wyloo) to follow v.shortly.)
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On the subject of 'best and final', found an article from a law firm, which refers to some consultation paper from 2018, which mentions a 4 month window before being able to make a second bid.https://www.hopgoodganim.com.au/page/knowledge-centre/legislation-update/how-long-does-a-bidder-have-to-wait-following-an-attempted-takeover-before-making-a-second-bid