promos-tender-nearly-there-deadline-extended-again

ProMOS tender nearly there; deadline extended again

Soft indications of support for the bond buyback suggest the acceptance rate will be above the 79% needed for the deal to succeed, but analysts warn of more troubles ahead.

ProMOS Technologies announced yesterday that more than 79% of its convertible bondholders had indicated their intention to either accept the tender offer or to withdraw a request for the bonds to be redeemed when the offer closed on Saturday.

While this is the first time the company has said that the support is above the minimum acceptance rate of 79%, it doesn't mean that the tender offer has definitely succeeded -- yet. A large portion of the above mentioned support is still only in the form of soft indications, according to one source, and for the offer to go through they need to be turned into hard acceptances. Assuming nobody backs out, it...

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