Under the NZ Takeovers Code, the acquisition of a 20% or greater shareholding requires a takeover offer for all shares at the same price. Compulsory acquisition can occur if 90% or more acquired. As Mercury owns 19.92%, they could block an incoming shareholder getting to 90%. I suspect that if Mercury refuses to sell to a party acquiring IFT's 65.53%, that will limit the price that IFT can achieve. If both IFT and Mercury shareholdings are on offer (i.e. 85.45% in total), a safe bet that the acquirer would get to 90% and therefore be able to force minorities out.
A scheme of arrangement may have a different outcome, but without Mercury's support it may be a bridge to far to get 75% of shareholders to support a special resolution (especially given that there will be a reasonable 'no show' from minorities in any shareholder vote).
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Last
$11.95 |
Change
0.290(2.49%) |
Mkt cap ! $11.55B |
Open | High | Low | Value | Volume |
$11.68 | $11.98 | $11.67 | $6.164M | 519.5K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 1528 | $11.92 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$11.98 | 818 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 1528 | 11.920 |
1 | 1021 | 11.830 |
2 | 16143 | 11.820 |
1 | 1021 | 11.810 |
1 | 84 | 11.800 |
Price($) | Vol. | No. |
---|---|---|
11.980 | 818 | 1 |
12.000 | 1542 | 2 |
12.010 | 1021 | 1 |
12.020 | 1021 | 1 |
12.040 | 1021 | 1 |
Last trade - 16.10pm 28/10/2024 (20 minute delay) ? |
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