The Directors can't lose on this, the fact they recommend it is obvious really. But it does not effect the market as such. Every takeover I have seen has had the same massive retail input, " we ain't gonna take it" "robbed etc" "it's sheet" ad infinitum, just par for the course no matter what the deal was, always people who were around when the first sod was turned and want their full quid. Now these same warriors are the exact same ones who would jump at anything should an offer look like going belly up, so I don't take too much notice of the outrage, even if this was set at the two year VWAP, same same.
But being pragmatic, if this is a wildly miss-priced offer the market can sniff that out in a jiffy, this is small change in the copper company world. If, and it may well be the case another party has interest then that is when you can hit the mega jackpot, someone mentioned a possible 30% chance, without some immediate and public acceptance from the Greenstone's and Glencore's (we have an absence right now) of this world I would say the chances of another bid are a little better than that 30%, but all total guesswork.
Cheers
Phil.
AVB Price at posting:
15.5¢ Sentiment: None Disclosure: Held
