Ann: $71.3 million Offer from Quasar for ACE's Four Mile Interest, page-256

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preempt
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Post #:15578358

As mmartin said, I believe the directors will hold off making a decision about the current offer from Q/H until after the ruling is handed down. If the court rules in favour of AGS, Q/H will have to consider the ramifications of the win and what their long term aspirations for 100% ownership are. Having held the upper hand until now, they have not shown AGS any favours and some would say they have set out to steal the asset from AGS. AGS management will suddenly have a degree of power back over their senior partner (perceived or otherwise). With a win, the directors will grow in confidence and may make a Q/H acquisition of the remaining percentage more difficult. I think Q/H would need to move quickly to offer a knock out bid for the remaining asset. A second bidder could make this scenario interesting to say the least.

Alternatively, a ruling in favour of Q/H will leave AGS management with a $71.3m offer to contemplate. While a win for AGS is far more preferable, the offer of $71.3m still equates to 17.6c per share.