GPG increases MMC stronghold
The Guinness Peat Group (GPG) has gained more control of listed financial services company MMC Contrarian (MMC).
GPG’s interest in MMC was boosted to 61.9 per cent through an on-market takeover bid by GPG subsidiary Ecurb Australia.
GPG is offering shareholders an unconditional cash price of 50 cents per share, but the MMC board is continuing to recommend that shareholders don’t accept the offer. MMC shares last traded at 50 cents.
Shareholders who do not accept the GPG offer will be minority shareholders in MMC, a position MMC said carried some risks. Depending on GPG’s level of ownership, it might seek to remove MMC from the official list of the Australian Securities Exchange.
GPG can only proceed to compulsory acquisition if it gains a holding of more than 90 per cent in MMC.
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