There are heaps and heaps of examples where the initial offer is...

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13/03/23

10:34

Post #: 66729743
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Originally posted by Joannie: ↑

https://content.allens.com.au/the-allens-handbook-on-takeovers-in-australia/strategic-considerations-for-a-target/

Hi @andyno3,
I have managed to basically read the whole document now.
I believe that I did point out before, that I have had some legal training but am not a qualified lawyer.

I am sure there are plenty on this forum with far more experience.
However, points in 10.6 of the document, are I think worth looking at rather more thoroughly.
I will not expand on this, but leave it to others to comment.

Once the NWE BOD's recommended that we should do nothing, ie it was a bad deal. Then it would have been a hostile takeover.
But as we are all aware, just one week later the did an about turn, therefore making it into a friendly takeover.
I have read heaps today, but nowhere can I find an example of this type of behaviour and any ramifications.

I could not find an article on ASX friendly takeovers. The next best thing is this American article.
It is not a long read and if anyone can bear to look at it, I found it to be very good. Link below.

https://corporatefinanceinstitute.com/resources/valuation/friendly-takeover/

I really feel quite strongly that we should be well informed as MIN and NWE are not really keeping us as informed as they should be imo.

GLTAH's I hope we STAY STRONG
Please dyor.

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There are heaps and heaps of examples where the initial offer is rejected by the BOD and a subsequent offer accepted.
Perhaps, not in the same way as NWE but the effect is the same.
As you said it made it a friendly takeover.

The ramifications are that it now is a friendly takeover and provisions in the companies' code that refer to a hostile takeover do not apply.

NWE Price at posting: 6.3¢ Sentiment: Buy Disclosure: Held
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