Hi SD,
There are ways of a takeover proceeding without paying out the the hybrids at par.
Easiest way would be by a scheme of arrangement.
It would involve a 2 stage process where
1.hybrid holders vote on changing the conditions attached to a takeover
2.ords vote on takeover.
both being contingent on the other.
Other way for eldpa to be bought back at less than par, is for the company to do a buyback.
Can use the threat of an extended divi suspension as a stick.
I would agree that ELDPA may well move first, and the premium for them may well be greater than the ords.
cheers
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