heading for the courts

APA is now relying on a bid clause that shareholders accepting part of their holdings will have their total holdings counted!

In lateline business, the take-over pannel apparently is of the view this is up to APA to prove it had 50%. Professor Ramsy stated in the program that it may be up to the courts to determine whether that bid clause is enforceable as this bid clause has never been tested in court before!

In addition, the learned professor state there is no hard rule that APA has to wait before launching a bid at the same price and up it later (depending on the terms of the new bid) whereas APA will have to wait for a "reasonable time" it it wants to make a new bid at a higher bid price!

So game is not over yet as it is not relying on the late US acceptance!