rival bids could be coming, hold on a minute!, page-6

Papertiger

I agree. In PNA's case, the 30 day VWAP + premium approach is unfortunate for LT holders of the stock, as PNA's been as high as 3.51 in the past two years, 4.50 over five years. At 2.30, plenty of LT shareholders wont be making any money on this deal. Those who entered in the last 12 months are laughing [I should add I'm a LT holder and my cost is quite a bit above 2.30!]. But, sour grapes gets you nowhere, I suppose them's the breaks in the market...

It helps I think that the CEO is a substantial shareholder himself and on his way out...logic suggests he's on the LT shareholders' side of the table!

GRAM are being opportunistic...but pretty smart, to give them their due. I hope what this [and other recent takeover activity in the resources sector] signals to the ASX is that the ASX has taken a short-term view and undervalued the resources sector. Long term capital with an international perspective and an insight into supply side factors (Chinese) are valuing our resource companies better than the ASX is valuing them, so are seeing opportunities.