The directors have recommended that shareholders also reject the A$6.15 per share offer on the grounds that it is unfair, undervalues Auspine’s assets, is opportunistic and would have adverse tax implications for shareholders.
Auspine has also published a target statement which outlines the options available to shareholders, including holding on to stock, selling shares on the market or accepting the Gunns offer.
Last week, Auspine’s board of directors recommended that shareholders took no action on the offer as an independent assessment of the deal stated that Gunns was likely to place a higher offer.
