POWERED BY MOMENTUM MEDIA
(May-2005): IFM turns tables in takeover bid by Pacific Hydro
In what represents a first for Australia, an organisation with its roots firmly embedded in the superannuation industry has become involved in a takeover battle.
Industry Funds Management (IFM) — the funds management company which grew out of the industry funds movement, in April not only moved to reject a takeover offer for green energy firm, Pacific Hydro, but initiated its own takeover bid.
IFM said that it would not be accepting the offer for $4.90 per share by Spanish company, Acciona for Pacific Hydro because “it fails to recognise the value to IFM investors of maintaining an ongoing interest in the company and its portfolio of long-term development projects.
At the same time as rejecting the Acciona offer, IFM announced that it would be increasing its own offer for all the ordinary shares in Pacific Hydro to $5 a share.
The chairman of IFM, Garry Weaven said that the revised offer demonstrated IFM’s continued determination to secure control of Pacific Hydro and not to accept an inadequate price from any other bidder.
Industry Funds Management is the wholly-owned funds management subsidiary of Industry Fund Services, with IFS being owned by nine super funds.
The super fund’s bank, Members Equity, holds a call option over 100 per cent of IFS’ equity, exercisable between January and June next year at market value.
Weaven foreshadowed the integration of IFS within Members Equity early last year saying that it was important to generate the necessary scale.
AUTHOR
Mike Taylor
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