new chairman - good sign, page-32

Fyi on tpgs deal....


"According to the Notice of Initial Substantial Holder form filed Wednesday, July 25 with the Australian Securities Exchange, TPG has agreed to pay Perennial $1.50 per share, or any higher agreed upon price between Billabong and TPG, up from the company’s initial offer to purchase all shares for $1.45. Colonial agreed to sell at $1.45, with the same upside if a higher price is agreed upon with Billabong.

According to The Australian, “TPG also appears to expect a rival bidder to emerge, and has locked Colonial into a deal in which it will get 20 per cent of any successful bid price above $1.45 paid by a third party, while Perennial will receive 50 per cent of any offer above $1.50.”"