The reality is that if they do not get taken over they would soon need to either take on debt or raise capital. How stupid would they look if the takeover offer was withdrawn and then the SP plummeted before a capital raise?
Just play nice with Hanwha and maybe another offer will come in as well. Sure they have billions in contracts on the books but the execution risk etc is huge. They have just about exhausted the highly profitable legacy projects and are entering a period of uncertainty around margins and profits.
If this takeover falls over as they enter a period of perhaps lower margins and capex risk etc- the next suitor could pick them up far cheaper.
Something like that.
IMHO DYOR
Ann: Response to media regarding non-binding offer from Hanwha, page-27
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