As far as I can see the Iberdrola offer still subject to minimum acceptance requirement and FIRB conditions. Unless minimum acceptance requirement waived, Iberdrola doesn’t acquire any IFN shares unless it gets acceptances for 50.1%. It has 20% signed up from TCI subject to being able to acquire another 30.1% to get it over 50% in total.
Given that TCI hasn’t agreed to sell the balance of its IFN shares to Iberdola, real prospect that Iberdola doesn’t get to 90% and IFN remains listed. Assume if Iberdrola gets over 50%, UAC will sell out booking a tidy profit given their shareholding owes the 80 cents per share.
IFN Price at posting:
94.0¢ Sentiment: Buy Disclosure: Held