Pacific Hydro yesterday asked for a trading halt as a ‘price sensitive announcement’ from the manager of DAF was to be put to the board of Pacific Hydro this morning.
Industry sources were quoted as saying an offer of around $4.60 was in the offing, which would trump the $4.50 bid from Spanish group, Acciona.
The DAF shareholders on the PHY board, Ian Court and Graeme Bevans, only two weeks ago recommended shareholders accept the $4.50 offer from Acciona, which was based on a 90% acceptance figure.
The DAF offer seeks majority control only.
