UIL independent expert deems Strike takeover ‘fair and reasonable’

Source: Energy News Bulletin | 13 November 2018

STRIKE Energy’s off-market tilt at UIL Energy has been deemed ‘fair and reasonable’ by the Independent Expert appointed by UIL and has subsequently completed the Target’s Statement for the all-scrip takeover offer.

Following the completion of the Target’s Statement and the independent expert’s judgement that the transaction is fair and reasonable, UIL directors have again urged shareholders to accept the offer and will now accept the offer for their own holdings. UIL’s board of directors hold around 25% of the company’s ordinary shares, which immediately takes the total acceptances of the offer to more than 30%. Strike announced an offer to shareholders of 0.485 strike shares for every UIL share.

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