Good summary, it is all set out in the TID attached to the recent announcement in more depth but a few corrections:
- The Scheme needs to be accepted by at least 75% of shareholders who vote or else it fails
Phase two also has a number of outcomes:
- The off-market takeover bid does not receive at least 50.1% acceptance, therefore it fails and J-POWER does not acquire any shares.
- J-POWER receive at least 50.1% acceptance, but do not reach 90% total interest in Genex. They will acquire a large stake but cannot delist the company. E.g., a scenario where Genex stays listed but J-POWER holds a controlling stake. Likely they would have another crack at a buyout later down the track if they want to delist (See Boral / Seven Group).
- J-POWER receive acceptances that increase their total interest to 90%, in which case they would elect to compulsory acquire remaining shares (same outcome to the Scheme)
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TAKEOVERS PANEL and the INDEPENDENT EXPERT REPORT., page-10
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