Takeover activity is not dead despite the current credit crisis with Centrebet (CIL) announcing a takeover offer for International All Sports (IAS). Key terms of the takeover offer include:
Ø A minimum of 28 cents cash or 33 cents if the 90% threshold is reached
Ø This represents a premium of at least 75% to the closing price prior to the offer being presented
Ø Subject to at least 50% acceptance
Ø Subject to no material change in IAS operating performance
Ø Subject to the ASX 300 not falling more than 15% from the level when today’s announcement was made and remaining below this level for two days.
Shareholders bet the takeover would proceed as the IAS share price jumped to 27 cents. http://investor.centrebet.com/default.aspx?page=asx