You have mentioned the possibility of the other major holders being friendly to TLW. I do not disagree that it is possible despite it being illegal. But, can you give me any other explanation for the presence of the substantial shareholders other than TLW and Merrill, whose entry price is a a minor discount to the aggregate bid value but with some chance of their holdings being worth a lot less if the bid is not approved. I just do not think they are in it for that minor return, especially given the risk. Btw I am not expecting a counterbid, but I do regard a sweetened bid as a distinct possibility.
regards DF
HDR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
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