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Offeror(s): Mission Energy Five Star Limited
Independent Adviser(s): Grant Samuel & Associates (Rule 21)
Offer Date: 06/11/2001
Closing Date: 03/02/2002
Offer Type: Full
On 12 October 2001, Contact Energy Limited (“Contact”) announced that it had received a takeover notice from Mission Energy Five Star Holdings Limited (“Mission”) outlining Mission’s intention to make a full offer for all Contact shares at $3.85 per share. Mission was a wholly owned subsidiary of Edison Mission Energy (“EME”). On 2 November 2001, EME announced that the final offer price would be $4.25 per share. Contact also announced that the interim dividend would reduce the price by 11 cents per share. On the same day the independent directors of Contact recommended that Contact shareholders accept the offer. Grant Samuels, the independent advisor, opined that the offer was fair and reasonable.
On 21 November, EME advised that the offer had been extended to 3 February 2002. On 4 February 2002, EME announced that Mission’s offer had not met the 90% threshold of acceptance required therefore the offer had lapsed.