Any new takeover requires the board to do due dilligence. There are condiitions on the binding offer uncondidtion if based on certain assumptions like conditions of sale. Otherwise there are massive director liabilities including jail time/fraud if say things like JORC report fudge ups are found after sale. Otherwise everybody would be spruiking these asset base to get a high price without showing their books. BHP board arent fools as the cheque wont be handed on May 29, it takes a 6 month acceptance time frame to check everything before going ahead with the instrument of sale. The 6 month (or agreed appropriate time frame) is when Anglo board cannot entertain another bid as they have agreed to go ahead with BHP bid (if it moves ahead). The 7 days that BHP has is to check whether ANGLO deserves a higher price etc.
BHP Price at posting:
$44.64 Sentiment: Buy Disclosure: Held
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