Not a problem at all in my view. The board have recommended it because (a) it is a good price (b) it has no complex conditions attached to it (c) it is all cash, and (d) there is presently no alternative offer.
By announcing and recommending this offer the board have, in effect, said to the market "This is the best offer we can get from TPG right now. If anyone else wants a shot at the title, it's now or never". And maybe it will flush out an alternative. And maybe it won't. But for the reasons I outlined earlier I can't believe that the single only entity in the entire market who would have anything more than a passing interest in IIN is TPG.
If another party came along and matched TPG on (b), (c) and (d) and offered say 10c more the board would then unanimously recommend the new offer. And so it goes. Auctions like this have happened before.
That's how takeovers work.
TPM Price at posting:
$9.11 Sentiment: Hold Disclosure: Not Held
IIN Price at posting:
$8.50 Sentiment: Buy Disclosure: Held
