To sum up my thoughts on QBE's involvement and neg. process...
- it may be possible that Jackman and QBE negotiated the price of 15 cents all along BUT agreed to announce the entry price of 40 cents (at the time slightly above the SP) with subject to satisfactory final due diligence, regulatory approvals and definitive contracts on the 31/07/09.
This way, Jackman was hoping the SP would stay around 40 cents, a leverage he could use when he went to instos offering a massive discount. Once they knew the instos are on board, they would just announce that QBE will be in it as well at 15 cents. Everyone would think Jackman and QBE re-neged. the deal but in reality they did not.
Possible? Sure.
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