Ann: TOV: PGH - Panel Declines to Conduct Proceedings, page-21

For minority shareholders, the situation presents two adversaries: an oppressive majority shareholder attempting to expropriate further value from the minorities, and now the Takeovers Panel (TOP) - a spineless institution, it seems, that is either unable or unwilling to fulfil its mandate.

Within this context, I’m interested in how oppressed minority shareholders view, from an ethical standpoint, the act of bidding for shares below 0.84 by fellow minorities. This is particularly relevant given that the previous offer at this price was widely seen as a gross undervaluation, and today, fair value is often considered to be multiples of that.

Is all fair in love and war? Or is there an ethical dimension here, one that questions whether it's right to take advantage of fellow minority investors, even if the perverse circumstances have created an opportunity to do so?