MARINER BOSS UNLOADS ON BEYOND INTERNATIONAL OVER FAILED TAKEOVER BID
December 27th 2007 22:55
Mariner Financial executive chairman Bill Ireland has hinted at making another bid for Beyond International, while attacking Beyond's board for failing to accept Mariner's bid for the group, the Australian reports today.
Mariner's $1.25-a-share, $74.6 million bid for Beyond expired a week ago, after failing to receive more than 50 per cent acceptances because the Beyond board withdrew a recommendation in favour of the bid due to a potentially higher rival offer from digital media group Destra.
But the Destra offer did not materialise, after the company was unable to raise funds on-market last week to make a bid.
Mariner, Destra and Malaysian-based private equity firm Navis – with no success.
"They've gone through three due diligence processes, paid a $500,000 break fee and they've got no bid on the table," he said.
"They haven't behaved in the best interests of shareholders. They had the company up for sale and got the best price, but they decided they didn't want to sell it."
- From MediaBlab
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