This article is from the Australian Property Journal archive
BRISBANE based property investment and development company Eumundi has recommended shareholders take no action with regard to Axiom's takeover bid.
The Board of Eumundi said there has been no change to the consideration payable under the Offer since the announcement of the takeover offer by Axiom Properties February 27 2007.
Axiom had made an offer to buyout the remaining shares in Eumundi for 30 cents a share after paying$4.3 million for 17% stake in the company.
Axiom has bought its initial stake in Eumundi from pub baron Tom Hedley for 30 cents per share.
Eumundi’s chairman Joe Ganim said the offer was unacceptable to the Board – as at April 12, 2007 the company’s share price was 31 cents.
“The Board of Eumundi Group Limited recommend that Eumundi shareholders take no action with regard to their shareholding, until the Board of Eumundi Group Limited have provided shareholders with Eumundi’s Target’s Statement, which will include details of the Board’s recommendations with regard to the offer,” he concluded.
Australian Property Journal
