One of the remaining shareholders of Neverfail Springwater, which is still holding out against a Coca-Cola Amatil takeover, believes it unlikely CCA will receive the 90% acceptance level needed by the bid’s close next week.
CCA currently holds 84.66% of shareholder acceptances for its takeover of Neverfail, but it needs 90% to force a compulsory acquisition.
Rivkin Financial Services, its associated parties and Rivkin Report subscribers collectively hold around 7% of Neverfail shares.
And Rivkin Financial Services chairman Jor dan Rivkin yesterday restated his opposition to selling. “Nothing has changed to make our position change so it is still our view and it has been for some time,” he said in the Australian press. “We are happy to sit there and see what eventuates.”
He said he believed it “unlikely” CCA would get 90% in time.
CC-Amatil has extended its A$292m takeover bid for a fourth time. The closing date is now next Tuesday.
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