Macquarie and its partners have stated that the cash offer of $4.50 per share will still stand, but that the group will accept 70 per cent approval from shareholders rather than the 90 per cent that it had initially sought.
It had looked as though the deal was doomed to fail after ten per cent of investors had rejected the consortium's offer, with key shareholder Balanced Equity Management, which owns a six per cent stake, saying that the bid undervalued the company.
This threatened to jeopardise the takeover since according to the conditions of Australian law, bidders are unable to increase their offer price
A statement issued by the group also revealed that the offer is to be extended until May 4th and that 30 per cent of shareholders have indicated that they have accepted the offer â up from 29 per cent previously.
Macquarie's partners in the consortium include Texas Pacific Group and Allco Equity Partners.