burns philp about to take control, page-5

Generally in takeovers like this a lot of fund managers and other large investors like to wait until the last minute.

This takeover attempt is unusual in it's terms which would make any large investor not want to commit themselves until the last possible moment.

I wouldn't be surprised if BPC ends up with 60% plus by close of business today.

Don't forget though that BPC put two conditions on this latest change in terms of the bid for GMF. They had to get 50% plus by close of business today AND they have to get majority board representation. Does anyone know if there's a time limit on when BPC has to have majority board representation?

The way the GMF director's have been handling this takeover attempt I wouldn't be surprised if they continue to fight tooth and nail to avoid giving up the company to BPC.

I really would like to know what the GMF board's problem is that they are so dead set against this takeover!

Surandy