The AFR article seemed to suggest that AIS had a takeover offer of ~$100m which would have valued double the current market cap
The ASX statement this morning seems to indicate that AIS have pitched to MCE to take them over (and AIS is either happy to take MCE shares or MCE will have to do a capital raise.......valuation of AIS not specified).
The AFR article did suggest that AIS was 5 times the size of MCE....although after the significant difference in what they published vs what MCE released, you'd want to be careful in trusting anything the AFR printed.
It also seems that many of us (incl myself) were prepared to pay up on the basis of the AFR article.......last time I looked it was looking like a 5c or 25% increase on the 22c close, but anyone who has a bid in should probably remove it given what MCE have indicated (which does not suggest anyone bidding for MCE)
MCE Price at posting:
22.0¢ Sentiment: None Disclosure: Held
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