I think you have got it stumpy .This was always about getting some cash into MAY .A CR would have been at a low price and would have crashed their share price . Purcel is no longer a MEL shareholder replaced by MAY with a slightly higher holding , which is not the same as the rest of the MAY BOD get to share in the decision of what to do with MEL shares and the subsequent BYE shares . It was an easy decision for the MAY takeover committee to make once the accepting MEL shares had a clear value above the equivalent 4 MAY shares . Purcell was in said to be not part of the takeover committee . They will probably close the offer before the BYE distribution is made . Feel sorry for those that accepted other than P and imo unlikely to get any others unless something comes out of left field to make the MAY SP jump soon . I predicted this yesterday on the MAY forum . I wonder what the MAY share holders will think of this .
MEL Price at posting:
5.2¢ Sentiment: Hold Disclosure: Held
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