The board of Nautronix has recommended to its shareholders they accept First Tech's latest bid of 62 cents per share, which is 7c higher than its second bid of 55c per share announced last month.
Nautronix said the latest "improved" proposal is 7% in excess of the current share price and is largely free from defeating conditions, which included no "material adverse change" in relation to the Nautronix group.
On 6 May, Nautronix released revised financial projections for the 2002 financial year, which breached the material adverse change condition of First Tech's proposed bid. This time First Tech agreed to waive the condition.
The board of Nautronix has recommended shareholders accept the bid on the condition that: there is no superior bid; there is Foreign Investment Review Board approval; receipt of a bidders statement from First Tech and First Tech confirmation the proposed bid be given to the ASX no later than 20 June.
