share price reflects doubt of bid, page-17

IMHO he will get WHC but for $4.20 to $4.50.
As a shareholder I would accept such an offer - I have a chance now to average down and achieve certainty against an uncertain future ($2.75????? which is likely according to analysts). WHC directors wont like to reject a lower $4.20 offer and then have to address AGMs with a sub $3 shareprice.
IMHO Tinkler and Noble in my mind are playing the perfect game, their actions are being kept as tight as a drum with only negatives coming out, who other than Tinkler and his financiers would know if they were supposedly $600m short ??? - no one. They leaked it themselves to pressure the sp. They will now likely save $700m / $1b on their bid.
Yep as a standalone WHC has a nice future but very few retail and institutions have 3 & 5 year investment timelines anymore