It only becomes compulsory if they acquire an interest of more than 90%, however if they get 50% then you enter the complicated situation as a minority shareholder, and are at the whims of the new owner.
How does Iberdrola achieve 50%? Convince UAC to accept their offer and the rest is moot.
The alternative is Iberdrola not going unconditional (I think unlikely), and the situation muddles into a stalemate with IFN continuing to operate in the interim.
The nominee holders are the votes Iberdrola is no doubt pursuing, and depending on the custodians authority, I think it likely they sell on market or accept the offer once UAC has signaled its final intent.
I have completely closed my position into the market premium and moved on, yet ill keep an eye on events.
IFN Price at posting:
92.3¢ Sentiment: None Disclosure: Not 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)