Seems to me a board will adopt a "cover your ass" approach and from that perspective a demerger looks lowest risk - give it to shareholders under independent mgmt and let them decide. Entain would be next as all cash is still easy to justify, both Apollo and the BET bid as it stands almost impossible for the board to support in my view.
The question for me is did BET know this all along and are they playing 3D chess with another surprise to come or was it a bit naĂŻve from a small company and with Tripp only used to a private market transactions? I don't know the answer but it will be fascinating to find out.
tabcorp Mathew Tripp thread, page-251
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