Mayne Pharma (MYX AU): Court Rules Cosette Cannot Walk
In a watershed decision, the Supreme Court of NSW ruled Cosette cannot terminate its Scheme for Mayne Pharma (MYX AU).
The hearings were the first time a material adverse change clause had been considered by an Australian court under such circumstances.
The transaction still requires FIRB signing off. Concerns linger over whether Cosette intends to close a South Australian plant. Mayne has previously dispelled these concerns.
The Trade:
Buy here.
Payment may feasibly occur on or before the 3rd November.
There could be some slippage should Cosette appeal (my read of the court doc is that they can).
To recap, the Scheme consideration is A$7.40/share.
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