IFM said yesterday its offer was scheduled to close this Friday July 8 at 5pm (AEST) and it urged all Pacific Hydro shareholders to accept the offer now.
“Shareholders should note that if IFM has a relevant interest in less than 90% when the takeover bid closes, the Pacific Hydro share price may fall below $5.00,” the company said.
But having declared its bid unconditional, IFM cannot withdraw that offer.
IFM has said it wanted at least 90% of the issued Pacific Hydro shares so it can proceed with compulsory acquisition. So if it falls short of the 90% mark by close of business on Friday, IFM may be forced to extend the offer.
IFM has said it planned to accelerate development of several Pacific Hydro projects.