KEY POINTS:
The finely balanced takeover bid for Tourism Holdings closes today, with all acceptances to be returned if it fails, says MFS Living and Leisure.
As of yesterday the ASX-listed firm held 74.39 per cent of the stock - some way short of the conditional 90 per cent.
MFS chief executive Marshall Vann said it could take until about Tuesday before the final outcome is known.
"Certainly it won't be 12.01 on Sunday morning when we say here's the count."
All acceptances would be returned should the offer fail to reach 90 per cent. MFS Living would be left with a shareholding bought from the Cushing family.
"We're obviously left with a 10 per cent stake which I truly have no grand plan or scheme or strategy for at the moment," Vann said.
"There are other things we're doing in New Zealand and I don't really want to say what it is at the moment."
First NZ Capital analyst Jason Familton said the takeover was in the balance. "I honestly think they probably won't get there. There'd have to be a landslide of mail coming into their door over the next 24 hours."
Familton thought the offer would probably have been successful had there been more time.
Vann said any extension to the deadline would make the offer unconditional, forcing the Australian firm to buy the shares of those who had accepted, irrespective of the final tally.
"That is the conundrum, hence why I've always said, 'No it's 90 per cent and it's Saturday', because that's what works for us and that's what we're sticking to."
Vann was still confident of success.
"I know there's probably 5 [or] 6 per cent where people have said, 'Yeah, we're accepting, it's coming in", Vann said.
"There are other ones which we're still not quite sure if they're accepting or not, and then probably the biggest unknown is the retail side."
MFS Living has consistently said neither the $2.80 offer price nor today's 11.59 pm deadline would be extended.
Vann said he was extremely surprised at the lack of credence given to the management of Tourism Holdings and the board, whose independent directors recommended accepting the offer.
Tourism Holdings owns tourist attractions Kelly Tarltons and Waitomo Caves.
"It [the share price] hasn't been $2.80 for seven years," he said.
The takeover process had been hard work, involving some game playing.
"It's interesting that actions are quite often different to words," Vann said.
Tourism Holdings' shares closed unchanged yesterday at $2.70.
