The report by Lonergan Edwards & Associates Ltd valued Auspine shares between A$6.21 and A$6.79, pricing the company at A$366.3m, and recommended that shareholders hold off accepting the Gunns deal and wait to see if a higher offer materialises.
Lonergan Edwards said that a higher offer from Gunns was likely if it could be guaranteed 100% control, which would offer it additional tax consolidation and synergy benefits.
Auspine has also revealed that it is in discussion with two other interested parties who could make “materially better offers” than the current Gunns proposal.
