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Alinta outlines Macquarie case

ALINTA Ltd has moved to quell continuing conjecture regarding its decision to favour a bid from the Babcock & Brown/Singapore Power syndicate, going to the market with a comprehensive outline of the decision to reject the Macquarie-led offer. With information that is largely in the market already, Alinta said the Macquarie bid was at $15.20 per share for the whole negotiating period, with a 25 cent increase coming only after the decision to go with B&B was made. Alinta also said it was troubled by the lack of market pricing to assist in the valuation of a new company that would be created by the Macquarie/management buy-out team, dubbed ‘infrastructure company’, which the bidder valued at $13.95 per share. Shareholders had an option to take cash or a mix of cash and shares, but Alinta shareholders who failed to respond to the offer would have ended up with shares only.

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