take over target, page-16

Alan,

I did consider FMG and there may well be many others who we are not considering. I thought FMG have not yet built enough cash reserves to make a cash bid and I am not sure a script bid would be palateable. While we are getting well ahead of ourselves it would be foolish to think that UMC can build up valuable reserves without coming to the attention of some cashed up predator.

Let's hope we get full value when it arrives.

Pagarsi