Macquarie, hitting the ‘60.5% wall’ in Gabia delisting, locked in a fierce battle of wits with activists

Macquarie’s tender offer for Gabia and plan to take it private are running into resistance from activist shareholders.

Miri Capital and Align Partners’ stake amounts to 39.5% of effective voting rights, making it hard to secure the special resolution needed for delisting.

Macquarie’s rebuttal on valuation weakened the price dispute, but the deal still faces a control hurdle on voting power.

The proposed go-shop process also appears difficult to execute under the existing SPA and possible no-shop terms.