A 3rd party deal..., page-44

The current offer is an off-market offer with an on-market buy up so for this offer to be successful they will need to secure greater than 90% of the current ordinary shares in the market. Chances of that are close to zero. That's the comfort zone.

Now the discomfort zone is TIO aren't really expecting to get over 90% to force the remaining holders to accept the offer, they merely want enough to be able to make a determination whether they can force FMS into a position of having to put to their shareholders a Scheme of Arrangement for any outstanding shares after this offer is closed. In the meantime they are cleaning up the bottom of the FMS register and reducing the number of holders. My view on this hasnt changed since this offer was first announced.

FMS in the meantime need to get on their high rocking horses and try and pull something together with another party and using a PE firm to counter-offer for BBIG isn't a bad approach but if it was me I would plan it and not release it until after the current offer closes on 6th June otherwise they have to disclose the details to Todd.