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Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
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  • ASF Group To Drop Takeover Bid For ActivEX 0 comments
    May 12, 2013 10:18 PM

    ASF Group (ASX:AFA) has decided that it will not proceed with its off market takeover bid for ActivEX (ASX:AVI) after considering all its options and circumstances.

    The company said AIV's decision to proceed with a 3 for 5 non-renounceable rights issue at $0.012 per share, which will significantly increase the number of AIV shares on issue, had triggered one of the defeating conditions for its bid.

    It added that no offers have been made under its takeover bid.

    ASF had previously noted the AIV rights issue of $0.012 is well under its offer price of $0.02 cash and had in effect depraved shareholders of accepting into its offer.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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