Its worth taking a look at Innopac website: www.innopacific.com It disclosed the following: (1) 31 Jan Innopac (INN) announced bid to MED. On the same date, MED Board recommended to accept offer. (2) On 5th, 6th & 21 Feb Gutnick acquired over 301M INN,averaging S$0.20, spending around S$60M (appr A$47) (3) On 7 Feb INN released Part 1 & 2 on Merlin's overview and production method in details, which Australian MED shareholders is unaware, or found no such information in MED website. My queries - 1. It is rare to see bid goes so smooth where no defense appears, unless there is mutual agreement within two parties. Is this fair to MED shareholders? 2. Why Gutnick invested his money in INN instead of MED? 3. Before the bid, 14 Dec MED had announced placements of $8M convertible notes @0.22 (equates over 36.36M shares of MED) and placements of 43M @0.21; by accepting the bid,say at 0.28 as the bid suggested; These two lots, make easy profit $5.19M roughly. Is this an insider trade, I doubt very much? There are other uncertainties to be found out.
MED Price at posting:
22.0¢ Sentiment: Hold Disclosure: Held
