ENP Newswire -
Release date- 19062014 -
1. Incomplete non-binding proposal received from
Aquila had discussions with MRL concerning its Proposal with a view to agreeing a recommended offer. Aquila and MRL were not able to agree terms that were acceptable to both parties.
Aquila's Independent Board Committee (IBC) has therefore formed the view that it is not able to recommend the Proposal as, taking into account all aspects of the Proposal, it was not considered superior to the current cash offer (Offer) made by
2. Offer by
Having carefully considered its position and in light of the Bidders' announcement referred to above the IBC advises that it intends to recommend that Aquila shareholders ACCEPT the Offer in the absence of a superior proposal.
You will shortly receive a Target's Statement from Aquila detailing the reasons to accept the Offer. The Target's Statement will also include an independent expert's report from
The IBC wishes to draw the following important points to Aquila shareholders' attention:
The IBC's intention to recommend accepting the Offer is subject to there being no superior proposal. It remains possible that a superior proposal could emerge. So, Aquila shareholders do not need to take any action immediately. There will be adequate time for Aquila shareholders to receive and consider Aquila's Target's Statement.
The Target's Statement will set out details on other considerations and risks which should be considered by Aquila Shareholders.
The Offer will remain open until
Aquila Shareholders should delay taking any action in relation to the Offer until they have read the Target's Statement having regard to their own circumstances.
If you accept the Offer it is unlikely that you will be able to withdraw your acceptance and, if the Offer becomes unconditional, that acceptance will become binding. In other words you will limit your right to deal with your Aquila shares while the Offer remains open.
3. Extension of time for dispatch of Target's Statement
Among other factors, the matters outlined above necessitated an application to the
The effect of the ASIC Relief is to extend the date by which Aquila must send its Target's Statement to shareholders from
Aquila will continue to keep shareholders informed of further material developments as appropriate.
Executive Chairman and CEO
Tel: (08) 9423 0111
Fax: (08) 9423 0133
Most Popular Stories
- Americans Still Pessimistic Despite Economic Growth
- Bogdanovitch Delivers Laughs With 'She's Funny'
- Labor Day Travel Up, Gas Prices Down
- Nintendo Launching 'Amiibo' Toy-game Franchise
- U.K. Raises Terror Threat Level to 'Severe'
- Apple to Unveil New Items on Sept. 9
- Parra Joins Exclusive Club of Hispanic CEOs
- Axxis Solutions Appoints Benites as CEO
- Canada, Russia Go to War (on Twitter)
- Obama Puts Ukraine Violence on Russia