They can’t legally improve on a declared best and final offer. If they don’t get 95 they will compulsorily acquire (the rest for a cash amount. Holders won’t get to say what that amount is.
No chance of a 3rd TO offer down the track. They don’t need it to get to 100% and in any case the threshold would be about 98% because of the 75% of remaining shares rule.
The TO is structured this time so that (1) it is certain to succeed one way or another (2) the best deal for everyone is if 95% is reached. If not everyone gets the lower offer. Anyone who thinks the cash acquisition (not an offer) would be better than the sub 95% share deal is dreaming imho.
It is over.
Sentiment: accepted
They can’t legally improve on a declared best and final offer....
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