More likely Wesfarmers in a tie-in deal can't recall who said this first but it's many months ago now. might be
@aposterioriBut with a T/O they approach retail shareholders and they are free to accept or reject sale of their shares and if they reject they can get to keep their shares. The main thing is 'change of control' so AZS could even continue to operate under the name currently listed wth different Board. Happy to be corrected on this.
Thanks so much for this, Post #:
70492040 offers a lot of clarity about why an Off Market bid direct to shareholders is the most likely outcome considering the precise terms of the ann, and what that means to retail shareholders
The link on the legal framework is particularly good on the pathway forward. I wish I'd read this yesterday everyone should read it IMO.
Assume the Board will make a recommendation on the merits of the T/O in the target's statement, and if it should be accepted. But it's likely there will be more than one.
Suggest you read the link on take overs and scheme of arrangements, retail investors have choices, sell to the T/O party, or hold to see value as JandJ posted Post #:
70492040 Plus there will be higher bids as news flow continues as
@calmbeforestorm is saying
Post #:70492959 .
After feeling very unsettled, feeling much better about getting fairer value as the T/O progresses with the news feed it can take 12 months to settle the price and terms.
Overall It seems like SQM were previously buying up a stake and Tony Rovira was unfazed because he knew this was inevitable from the time he did the deal with SQM in the first place, and they made their early bids after accumulating more shares, it was kind of warning off other bidders? They must have known they would be rejected just going through the motions on the accumulation pathway.
Because of the news flow in the next 12 months as we go to MRE and MRE extensions, they would have to increase the offer price. They desperately want the Li but if they can get major shareholders to bite to 90% they are in and the remaining retail shareholders can hold on for the ride. A low ball offer doesn't make sense and surely would have been rejected by the Board and not taken seriously, so this has to be a more substantial offer I don't believe the $3.50 type range is serious. Overall that price could be another segue into more offers while SQM and probably Wesfarmers continue to accumulate.
A bit like a leadership spill in politics, they often won't succeed at first.
