Edison enters market for CEN

Before the market stand began EME Pacific said it had already acquired 21.5 million extra Contact shares and its stand in the market is for another 21.5 million.

The price of $3.10 is around the middle of the range initially indicate by Edison Mission of between $2.90 and $3.25 per share.

It is also the same price as Contact shares were issued at two years ago.

The recent appraisal report on EME's offer described the price range as fair although noted that it did not reflect the full underlying value of Contact.

The offer is conditional on EME Pacific acquiring at least 43 million ordinary shares and a cap of 5,000 share per individual vendor shareholder number applies.

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