Private equity group Pemba Capital is trying to bring its $119 million bid for SaaS business MSL Solutions to a head, with an unusual “best and final” statement two weeks out from a scheme meeting.
Pemba made its 29.5¢ a share offer best and final on Tuesday morning, making it clear it would not be strong-armed into a bump ahead of the shareholder vote on January 31.In Pemba’s eyes, the 63.9 per cent premium to the unspoiled share price is clearly enough, just as it was to gain the MSL board’s unanimous recommendation late last year and approval by an independent expert.
Instead, the best and final calls looks like it’s designed to be a wake-up call to MSL shareholders at what can be a sleepy time of the year.The only obvious potential obstacle for Pemba is fund manager Microequities Asset Management, which was MSL’s biggest shareholder prior to the bid and has increased its position to about 15 per cent.
It is not known what Microequities plans to do with its stake, however it has stood up to suitors in the past. Most recently, it made it clear it, listed software group ReadyTech. That bid fell over prior to Christmas.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
High-ranking former member of Russian private military contractor Wagner Group seeks asylum in NorwayThe Norwegian Directorate of Immigration confirms former high-ranking Wagner Group member Andrey Medvedev is seeking shelter in Norway.
Read more »
Victorian private school fee increases the biggest in five yearsMore than 20 private schools will charge fees above $35,000 this year as rising tuition costs spark calls for a cap.
Read more »
Union membership in private sector shrinks to 8 per centNew data reveals unions lost 176,000 members in the private sector over the past six years, reducing their coverage to a record low and prompting calls to charge non-members.
Read more »
Class action firms investigate Medibank data breachThe law firms have been investigating compensation claims and say they have registered tens of thousands of Medibank customers. 9News
Read more »
Brookfield, EIG Partners keep on trucking at Origin EnergyCanada’s Brookfield and US private equity firm EIG Partners are expected to request more time to shore up a joint $18.4 billion bid for Australia’s Origin Energy.
Read more »
Brookfield, EIG Partners keep on trucking at Origin EnergyCanada’s Brookfield and US private equity firm EIG Partners are expected to request more time to shore up a joint $18.4 billion bid for Australia’s Origin Energy.
Read more »