I thought this was dealt with a while ago with 2 salient facts: 1. Xstrata is not listed in ASX 2. combined holdings of ADO management and sympathetic parties would exceed 10% sufficient to resist hostile takeover. So the only takeover possible would be a friendly one.
Clearly AOH has been protected so far from other ASX listed parties by the Xstrata option hanging around like a dark cloud, but once that is gone, I would think factor 2 would continue to protect.
let me know if I've got any of this wrong. It's late and things can get a bit sketchy at this hour.
DV
AOH Price at posting:
30.0¢ Sentiment: LT Buy Disclosure: Held