takeover confirmed smh & fin, page-11

I would be careful with this bit;

The Heads of Agreement provides for Nufarm to work with Sinochem for a period ending 3 December
2009 (unless terminated earlier) on an exclusive basis to negotiate a Transaction Implementation
Agreement. This includes a five week period in which Sinochem will undertake due diligence on
Nufarm.

"Due Diligence Period" means a period of 5 weeks commencing on 15 October 2009 or
such other date agreed by Nufarm and Sinochem and ending on 18 November 2009,
unless extended by Nufarm and Sinochem in writing or terminated in accordance with
clause 4.3.

For those who are unfamiliar with ELD - QBE deal the deal was pretty much along similar lines. QBE offered 45 cents (subject to due diligence) and after a month the price was slashed to 15 cents.

Just something to think about and keep in mind.

HOA in reality means - jack until the real stuff.


3.3 No binding obligations
Sinochem confirms that it intends to investigate the Proposed Transaction and conduct
its due diligence investigations in good faith. Notwithstanding clause 3.1, the Parties
expressly acknowledge and agree that neither this Agreement nor any other
circumstance gives rise to any legally binding obligation on the part of either party to
make any firm offer or to accept or recommend acceptance of any such offer (as the
case may be) or make an announcement of its firm intention to make an offer or accept
or recommend acceptance of any such offer (as the case may be) with respect to the
Proposed Transaction or to proceed with the Proposed Transaction or execute any of the
Transaction Documents, nor do they give rise to any understanding or representation that
either party will do so.