UAC has not yet issued formal takeover documents but has only announced an intention and so anyone who sells at present will not be responding to a takeover offer - hence no protection against changes in final buyout price. The only definites in the UAC announcement are:
UAC has acquired an aggregate interest in 12.82% of the stapled securities in IFN
The Offer will not be subject to a minimum acceptance condition
Hence, the intention of UAC is to buy whatever is offered to them, whether they get to 90% or less. Also, "UAC intends to provide a copy of the Bidder’s Statement to ASIC, ASX and Infigen shortly.The Bidder’s Statement will contain detailed information relating to the Offer, including the key reasons to accept the Offer and instructions on how to accept the Offer." Selling on market today does not constitute acceptance of any offer.
IFN Price at posting:
80.5¢ Sentiment: None Disclosure: Held
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