Asia Distributions Solutions Ltd has finally sent out the offer document for the bid from Yarraman Winery Inc - 89 days after it was first announced.
This prompted shares in ADSL to double to 24p a share. The all share bid is nominally worth 52.9p a share but that is based on Yarraman share price which is based on the price that shareholders converted their loans at the end of June 2008. That is not necessarily the true current worth of the shares in the loss-making winery.
There is an inducement fee of $100,000 that is payable if the bid does not go through.
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