There is quite some distance to go before any deal can actually be inked. To date, Qiagen only has highly conditional options on 19.9% of the shares, and is forbidden by law from buying any shares or acquiring further options, since that would take it over 20%. This is illegal under Australian law unless a formal takeover offer is made, which would require a 90% acceptance (which is probably not achievable).
Even the 75% acceptance needed for the present Scheme of Arrangement" bid is meeting strong opposition from shareholders, and appears to have little chance of getting up at the current price.
Both the Qiagen board and the Cellestis board seem to have badly misjudged the reaction of shareholders, and could be embarrassed by a very public rejection when the proposal comes to a vote.
Well said Islay7. In its current form the ink on this deal may never dry out. If Cellestis shareholders, other than the insiders, are truly organised they have a high probability of knocking this unreasonable deal to dust. The activists behind the Save CST Group are doing a good job. What they need now is to get their message amplified in the Australian media in order to call all the dormant CST shareholders to arms. This battle against Qiagen (and Drs. R & R) can be won.
Once that has been achieved, what then? An Australian broker underwrites a placement issue for the shares currently held by R&R ? At an issue price of A$3.55 R&R each collect ~A$40mil. (Same as the current proposal from Qiagen). The more than 5000 current CST shareholders are invited to buy into the issue. Broker will place any shortfall with their institutional and retail client base. A complete new Cellestis board is installed. R&R will no longer have to deal with ASX and shareholders at AGM. The 2xRR’s gets their wish and are offered an employment contract so they can stay involved and tinker with the science. Under such an arrangement, Cellestis will remain on Australian hands. R&R collect their ~A$40mil each, so they should have nothing against such an arrangement. Unless there is more to the deal than what has been made public in that 70 odd page document !