re: battle for pacific hydro intensifies
syringe was so completly wrong on this stock. But he never really seems to know what he is talking about anyway.
Just some ranting and ramping.
Battle for Pacific Hydro intensifies April 29, 2005 From: AAP
Pacific Hydro Ltd shareholder Industry Funds Management (IFM) today increased its bid for the renewable energy company to $5 per share. The bid from IFM – which holds 31.6 per cent of Pacific Hydro – follows, and beats, an increased $4.90 a share offering overnight from Spain's Acciona.
The Acciona bid was recommended by Pacific Hydro independent directors. But IFM said it would not accept the offer because it failed to recognise the value to to IFM investors of maintaining an ongoing interest in the company.
"As IFM's revised offer is 10 cents per share higher than that offered by Acciona, the independent directors of Pacific Hydro have unanimously recommended that all shareholders accept IFM's revised offer," IFM said. Advertisement:
IFM chairman Garry Weaven said the offer underlined the super manager's "determination" to secure control of Pacific Hydro and not to accept an "inadequate" price from another bidder.
IFM said its funding commitments were sufficient to fund its offer, which values Pacific Hydro at $788 million. The offer is conditional on receiving acceptances of more than 50 per cent.
An Acciona spokesman said the company would have to report the offer to Spain.
"We are considering the IFM offer," he said.
Pacific Hydro shares were placed in a trading halt yesterday and last traded at $4.67.
