It’s not going materially below $0.80 in the short term. IFN is in play now we await a 2nd bidder or - which the share price action today supports (trading above the bid price).
No minimum acceptance means UAC will buy anyone’s shares at $0.80 who wants to sell to them. Ie it is not conditional on them reaching 90% at which point they could mop up the remaining 10% under the compulsory acquisitions provisions in the corps act and privatise the business. What this means is they could foreseeably end up owning a (negative) controlling stake (ie large blocking stake inhibiting future bids) but IFN remains listed.
IFN will be paying their own advisory costs but if they grant exclusivity to a bidder and that agreement will likely include mutual break fees which would compensate IFN and it’s shareholders if the bidder doesn’t proceed with the transaction. Typically break fees amount to 1% of the EV in Australian m&a transactions.
Exciting times ahead
edit: Source: used to work in m&a but been out of the game a little while so don’t take the above as gospel.
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