macquarie-may-still-win-alinta

Macquarie may still win Alinta

The Alinta board agrees to review a new takeover proposal from Macquarie Bank at the risk of paying a break fee to Babcock & Brown and Singapore Power.
The A$7.2 billion battle to buy AustraliaÆs largest gas and power utility took an interesting turn yesterday as the board of Alinta decided to examine a new bid from Macquarie Bank.

The new offer is said to include a full-cash option which might make it more appealing to Alinta shareholders who have already been told to vote in favour of another bid from Babcock Brown BNB and Singapore Power. Alinta signed a scheme of arrangement with BNB Singapore Power on March 30, after considering competing proposals from the BNB consortium and Macquarie Bank. It shunned Macquarie Bank's first offer because it involved too much financial engineering.

The scheme of arrangement with BNB Singapore Power includes...
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