TOMEI International's bid to take over Yanion International looked set to fall through last night after complications arose over extending the completion date.
Tomei was planning to scoop up 51 per cent of Yanion in a $156.62 million deal proposed at a 32 per cent discount to the stock value on September 26.
The deal involved a placing and subscription package to be approved by a special general meeting.
After the adjournment of the meeting and the appointment of Somerley as the financial adviser to the independent shareholders, the stock exchange and Securities and Futures Commission sought a due period over which shareholders could consider the deal and the advice from the financial adviser.
It is proposed that the adjourned special meeting be held at the end of the month, cutting across the originally agreed completion date of November 15.
Tomei said on Tuesday it would not agree to an extension to its due completion date and the right to rescind the proposal on November 15 would be exercised.
Yanion said it was reviewing its position and a circular setting out the situation was being sent to shareholders.