I don’t know ASX M&A law at all really, but in Canada for example dissenting shareholders that don’t have much of a case can tie up an acquisition in legal battles for a very long time and prevent the scenario you described until resolution. PRU is in a hurry. SVM is not. I’m unclear who has the true advantage here but I feel like it’s SVM as they have time on their side. They don’t need the $27 mm USD in offer cash anytime soon. And it’s most likely no accident that there seems to be a non tendering block of shareholders along with any retail that wish to hang on in the hopes of getting a little more.
ORR Price at posting:
57.0¢ Sentiment: None Disclosure: Not Held