"A bunch of MMA Offshore’s shareholders are pushing back hard behind closed doors. The risk is the whole deal blows up in their faces. Stockbroker Churchill Capital, which specialises in trading M&A situations, is even running a bit of a campaign, corralling dissenters and sending a stern letter to MMA Offshore’s board last week.
The dissenters include domestic small-cap funds such as Ausbil and Pendal on the register before the board signed its scheme implementation deed in March, and offshore hedge funds, more recent buyers which have paid up to $2.72 a share for stock. Churchill Capital’s mates are more the latter. The bid is at $2.60 a share.
...
One set of numbers seen by this column suggests nearly 30 per cent of MMA Offshore’s share register may vote against the deal, which is a lot; more than is needed to spoil the deal, and more than spoiled Brookfield/EIG’s proposed acquisition of Origin Energy last year."
MRM Price at posting:
$2.69 Sentiment: None Disclosure: Held
