bad day for shareholders

In line with what I have been saying.

From SMH today


''TCW group managing director Blair Thomas said QGC did not contact him to give TCW an opportunity to raise its offer.

"We're just disappointed the board didn't let the process play out," he said. "I don't think the [AGL] drop date was ever real."

He added the key to the transaction for AGL was the 20-year gas supply agreement, since it needed the gas for its Queensland customer base after its recent acquisitions of Sun Gas and Powerdirect.

"I congratulate [AGL managing director] Paul Anthony and AGL, because I believe they are the big winners as a result of [Friday's] decision by the QGC board," Mr Thomas said.

QGC shares closed 5.5c lower at $1.48''


http://www.smh.com.au/news/business/queensland-gas-takes-agl-option/2007/03/02/1172338878580.html