Ann: Mayne Pharma enters Scheme Implementation Deed with Cosette, page-134

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Hiddenvalue

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24/02/25

10:12

Post #: 77991585
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Originally posted by Hadrian: ↑

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.

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You would think that board and the two major shareholders would understand that generally the first offer is never the best offer.

Should have encouraged to vote no so Cossette go back and sharpen their pencil.

Last edited by Hiddenvalue: 24/02/25

MYX Price at posting: $7.21 Sentiment: None Disclosure: Held
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