Iluka's Kenmare bid collapses

• Autores: Paul. Rackstraw
• Localización: Industrial Minerals, ISSN 0019-8544, Nº. 579, 2016 (Ejemplar dedicado a: Enero)
• Idioma: inglés
• Texto completo no disponible (Saber más ...)
• Resumen

  • Under Rule 2.8 of the Irish Takeover Rules, Iluka filed a termination notice at the start of December on the potential equity-based acquisition, noting that it had learned from Kenmare that Kenmare's largest shareholder, M&G Investment Management, would not support a proposed bid of 0.007 Iluka shares per Kenmare share.

    "From our feedback from the Kenmare chairman, we drew the conclusion that it was unlikely we would achieve [the shareholder irrevocable undertakings necessary to proceed]," an Iluka spokesperson told IM. They said that they understood M&G holds a 17-19% stake in Kenmare.

    It made an offer of 0.036 Iluka shares per Kenmare share in June 2014, which was also rejected by M&G and the Kenmare board as it did "not recognise the value inherent in Moma as a long-life, low-cost asset".