Ann: Change in substantial holding from MIN, page-106

Looks like a copy of the BHP/WDS deal. It will pay you to be in possession of MIN shares as the takeover will probably be using in-specie MIN shares. There will be no other bidders, given MIN already owns 80% so the negotiated amount for the takeover will be at the lower end of the pricing scale. MIN will not need to borrow to complete the transaction so SP dilution will be minimal. Under the rules of takeover MIN cannot pay less than the value of NWE shares achieved over the past four months, so this will be relevant to timing and the share price of NWE shares may languish for a while as MIN prepares to make its move.