Hi Mandi
I don't know what the legal requirement is. I have looked at the bidder statements to try to get a handle on this but without success. I believe it can be argued either way but I feel that the more compelling argument is that the pathway to the compulsory acquisition 'rules' were invoked the moment Lion Gold began their take-over proceedings.
If they said they were seeking a 70% shareholding and it would be a first come first served offer then effectively the take-over bid is now over. I don't think that they did this. Indeed my reading is that they were seeking 100% and if that is so then their take-over bid is still on-going and thus the original offer still stands until they get their 100%.
I too would love to have a definitive answer.
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