SHARES in takeover target Pacific Hydro (PHY) shot up yesterday in anticipation that Spanish suit...
Acciona has its foot on the 16% stake in PHY owned by US-based Electric Power but analysts said that despite its 26c (6%) rise yesterday, Pacific Hydro's close only 8c above the IFM bid price of $2.60 showed the market viewed another bid by Acciona as possible but unlikely.
IFM made a $725m counter-bid for PHY at $2.60 per share after Acciona offered $2.40 but with a 90% acceptance condition. IFM is owned by nine industry super funds and speaks for almost 32% of the PHY stock.
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