Well, there you go. IPH you rascal! What a surprise…
IPH have just today proposed to acquire Xenith IP for $1.28 cash and 0.1056 IPH shares per Xenith share. This represents a total value of $1.97 per Xenith share.
The presentation setting out the proposal can be found here: https://www.asx.com.au/asxpdf/20190312/pdf/443dg79r2bqhh5.pdf
Slide 7 sets out a comparison between the IPH proposal and the QIP proposal. All in IPH’s favour of course!
It is not clear to me that XIP was aware of the proposal before IPH made the ASX announcement. I suspect that they weren’t. We will have to wait and see what their response might be. In any case, it is likely to reduce the chances of the “merger of equals” going ahead while XIP shareholders take stock (no pun intended).
More news as it comes to hand…my analysis, for what it’s worth, will follow in due course