Ann: Trading Halt, page-290

Tangetland you are describing the absolute dream scenario for all of us. A knock down drag-em out fight for control between 2 or more cashed up suitors.

As someone with a lifetime in and around investments I'm going to be absolutely fascinated to see it play out. Here's how I think it will go. BP A will rather pay us a bit over the odds than get into an auction with BP B and C. So they will try and grab a strategic stake say 5% by buying on market or doing a direct deal with a major shareholder(s). They then launch a full bid that they will say is first and final at a juicy enough premium that management have to recommend it.

Hopefully nobody accepts their offer until 4.59 pm on the last day forcing them to increase their own offer or giving B time to come in over the top.

When that offer comes the market will tell us if its likely to succeed or not. Lets say that they offer $30. If the market immediately starts trading at $32 its a signal that the offer is too low. Once a company officially launches a bid they cannot buy more on market. So if BP A says I give you $30 in a months time if you accept now (provided enough other shareholders accept to give us control) and some anonymous dude on ComSec says I'll give you $32 in T+2 its a no brainer. They are never going to get it over the line unless they sweeten the deal.

On the other hand if the market offer $29.80 that dude on Comsec is saying its a done deal but you pay me 20cents for the convenience of having your money now rather than at the end of the TO period.