LWR has extended it’s takeover offer for POD yet again. meanwhile POD announced that it’s prospective sale of a 3.58hectare industrial site has been withdrawn.
Why do I smell a rat?;
- The property sale was reported to be a sell and lease back arrangement but POD now tell us that the property is unsuitable for the prospective buyer. These two statements are dichotomous
- The offer has already been extended once and is only at just over 50% currently
- The shareholding directors accepted the offer quicksmart
- The independent directors committee is yet again contacting shareholders encouraging them to accept the offer - mainly based on a Ferrier Hodgson report
It all seems a little strange to me….. but perhaps that’s just the world of M&A’s….
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