16 June 2005 – Industry Funds Management (IFM) has stepped up the pressure on the Spanish renewable energy company Acciona for the takeover of Australian power firm Pacific Hydro.
In response to Acciona’s offer of $4.90 per share, which is reliant on obtaining a 50 per cent stake, IFM’s takeover package offers shareholders $5 per share and does not stipulate a minimum stake required to complete the transaction. IFM also said that if the bid were successful it would pay shareholders within five working days. It currently holds a 35.1 per cent stake.
Pacific Hydro’s directors have recommended that shareholders accept IFM’s offer.
Acciona’s offer closes on 28 June with IFM’s closing just over a week later on 8 July.