In today’s briefing:
- Genex Gets an Improved A$0.25 Offer, Headcount Test a Risk, Board Hoping for an Auction
Genex Gets an Improved A$0.25 Offer, Headcount Test a Risk, Board Hoping for an Auction
- Genex Power Ltd (GNX AU) received an improved non-binding offer from Skip Capital/Stonepeak at A$0.25 per share, an 8.7% bump from the previously rejected A$0.23 offer.
- The headcount test is emerging as a key risk as retail shareholders are voicing their displeasure. The offer is underwhelming based on precedent transactions and average sell-side price targets.
- The Board hopes that granting non-exclusive due diligence and stating an intention to recommend a binding A$0.25 offer will force rival bidders to kickstart an auction.
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