Anzon goes unconditional in bid for Nexus

ANZON Australia has increased its shareholding in takeover target Nexus Energy by more than fivefold. But surging from 0.04% of NXS shares to 0.23% still leaves the company with a lot of ground to make up.
Anzon goes unconditional in bid for Nexus Anzon goes unconditional in bid for Nexus Anzon goes unconditional in bid for Nexus Anzon goes unconditional in bid for Nexus Anzon goes unconditional in bid for Nexus

Anzon shares were last week worth more than twice as much as Nexus stock, pricing the one Anzon-for-two Nexus offer at a premium to the Nexus share price. In addition, Anzon has now declared its hostile bid unconditional.

But this may not be enough to let it assume control of another 49.8% of Nexus shares by the offer’s closing date of June 6.

At the market’s close yesterday, Nexus was priced at 69 cents, exactly half of the Anzon closing price of $1.38. Therefore the premium no longer applies, but Anzon has offered a sweetener of bonus options (one option for every 20 shares) that investors trading Nexus shares for Anzon stock will be able to apply for.

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