westpac agrees to takeover - isnt this illegal?

Isnt Westpac in a win win situation!

refer below!

"Friend in right place"

IWL Broking Solutions' Bidder's Statement for JDV makes fascinating reading.

And if it wasn't for the Chinese walls we all know exist inside banks, you'd even swear it gives a subtle indication of which way the takeover might go.

IWL had an original tilt at JDV a couple of months back with an all-scrip offer, and while it picked up a 37 per cent stake, it failed to flush out the two other major shareholders — 29 per cent investors Westpac and Royal Bank of Canada.

This time around IWL is trying to make the deal more attractive by dangling a cash-only alternative.

And guess where the money's coming from? According to IWL's Bidder's Statement, Westpac has offered up a financing facility of almost $52 million to help with the bid