Apart from the deferral of tax obligations (which would be marginal) that was going to be my guess.... informed in large part by the large break fee and the equity claw-back clause in the event the acquirer doesn't complete the agreed transaction.
When I read the full announcement, my initial thoughts were, "Mmmmm. Acquirer looks like it needs some breathing space to line up its financing ducks, so deal completion risk is not low."
I hope this doesn't end up being a case of, "Given there was a lot of interest from other parties, and it would have been better to accept a lower, but more comprehensive, bid for Morrisons."
(Of course, if the SEQ board is smart it will have formulated some kind of vendor-finance fall-back plan in the event the acquirer does indeed come a bit stuck with arranging the dough.)
SEQ Price at posting:
59.0¢ Sentiment: None Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)