Bear,
75% of the hybrid holders will need to accept a haircut, not just a majority, and I'm not sure where you are getting your info on management owning heaps of them? According to the annual report of the directors and key maangement group only Jackman is noted as owning any, and only 1000?
Am I missing something? I think someone else said that the largest holding is only ~50,000 (out of 1.45M on issue), if that is the case it is going to be like herding cats to get them to take a haircut.
I agree that a compromise may eventuate, but I doubt Imunro will wake up one morning and find out that he will be getting $40 or $50 for his/her hybrids. I think that the compromise may involve the participation in the takeover premium that the hybrids are entitled to.
Appreciate it if you have more info on management ownership of the hybrids.
takeover at these prices just not on, page-55
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