A section from MTUs ANN.
"TPG now has the right, but not the obligation, to submit a counter proposal for the iiNet Board to consider at any time during the next 3 business days ending at 5pm (WST) on Tuesday 5 May 2015.
On the basis that iiNet has now given due consideration to the value of M2’s proposal under a range of scenarios, M2 does not believe it to be in the best interests of M2 shareholders to accept any delays that prolong the TPG matching right process beyond what is reasonably allowed for under the TPG SIA.
As such, if M2 and iiNet do not enter into a scheme implementation deed by 5.00pm (AEST) on Wednesday 6 May 2015, M2's current Competing Proposal and associated financing approvals will be withdrawn."
Thesis to short, page-8
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