Reading about Schemes of Implementation offers in Australia, it seems that about 20% of them fail at their first attempt, often because a superior offer emerges or that shareholders are dissatisfied with the offer.
An example, in 2022 BGH had a Scheme of Implementation in place for Virtus Health (for $7.15/share) with similar conditions to Cosette's but a competing bid arrived which forced BGH to up the bid to $8.15/share. Sydney Airports and AusNet are also examples of original offers being improved, sometimes substantially.
Right now all the conditions are in favour of the bidder, but I think the break fee is not huge in the scheme of things if a superior (solicited or unsolicited offer) was to emerge which could do after the release of good 1HF25 results which I'm confident will happen on Wednesday.
Having said all that, I'm not optimistic that either a superior offer will emerge or that enough shareholders will reject the proposal.
MYX Price at posting:
$7.20 Sentiment: Buy Disclosure: Held
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