MFS Living and Leisure has reportedly passed up the chance to extend the takeover deadline for Tourism Holdings and the final result is expected to be announced today.
MFS Living offered $2.80 a share for all the stock, conditional on 90% acceptance – the point at which all remaining shares could be compulsorily purchased.
The deadline was 11.59pm on Saturday but as of Friday MFS Living was holding just 74.39 per cent, with the shares last trading at $2.70.
MFS Living said it intended to notify the market of the final count by the close of business today.
The Australian firm said throughout the offer process that it would neither raise the price nor extend the deadline.
It would have had to extend the deadline at least 14 days before the stated closing date to keep the bid conditional. However, it could still have been extended until the last minute but would have required the offer to become unconditional, potentially forcing the purchase of all acceptances irrespective of the final total.
Report by The Mole
