tmr to merge with ibr

You really have to shake your head at this one

Terms of the Offer

The merger that will proceed by way of a friendly, all-scrip bid for the shares and options of Iberian. Four (4) Tamaya shares will be offered for each Iberian share in a transaction that values the merged entity company (at the closing price of A$0.26/share on Monday 26th February) at A$270m.

Based on the closing prices on Monday 26 February 2007 of $0.26 for each Tamaya share and $0.71 for each Iberian share, the Offer values each Iberian share at $1.04 on a fully diluted basis.

The total value of $1.04 per Iberian share represents a premium of:
• 46.5% to the Iberian closing price on 26 February 2007, and
• 61.1% to the volume weighted average price of Iberian shares for the one month prior to this announcement; and
• 57.1% to the volume weighted average price of Iberian shares for the three months prior to the announcement.