http://nzx-prod-s7fsd7f98s.s3-websit...699/286532.pdf
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independants advisors report out showing tilt valued at up to 3.02 , new ift were trying a sly move lol .only 2 options now substantially lift the offer price or drop the takeover.
My guess is the JV will just let the offer lapse. Infratil have still picked up the rest of the Tect shares for $2.30 and likely only wanted the rest if they could get them cheap.
I am really pleased to see that the Tilt independent directors have done their job well and not been intimidated by their majority shareholder.
IFT will just sit. If I had TLT shares I would sell them as the value will fall away after the offer closes. This is not advice only my opinion.
Second the view about the directors, but don’t believe the JV will give up. If they do you have to seriously question their strategy. You never put all your cards on the table and they couldn’t possibly think their first offer would be good enough. Might pick off a few, but they’ll have another go, say upper 2’s with a mop up offer third and final low 3’s - though 3.60 would be nice. Job done, TLT would obviously be a great fit into their long term strategy.
Infratils answer to the Independent Directors valuation is out.
Sounds terrible, if that is what Ift believe they should be selling, not buying.
https://www.nzx.com/announcements/324380