Both companies raised their initial offers on 10 February and removed the conditions they had previously set. However, Washington H. Soul Pattinson (WHSP) subsequently raised its offer to match Pinnacle’s $2 offer price on 13 February.
Pinnacle responded on 14 February by offering to increase its offer price to $2.20 if it acquired 24 per cent or more of Hunter Hall Limited (HHL) before the offer ends on 15 March.
On 17 February, WHSP offered to increase its bid, also to $2.20 per share, if it acquired 44 per cent or more of the company by 7pm on 20 February. However, this was yesterday extended to 24 of February.
In response to WHSP’s conditional offer, Pinnacle said in a statement on the ASX that it would raise its offer to $2.40 per share, and announced it had submitted an application to the takeovers panel “in relation to the timing of WHSP’s announcement”, which was after market close one trading day before the offer was set to end.
Both offers remain below HHL’s share trading price, which at market close on 20 February was $2.60 per share.
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