The treatment for your nerve pain..., page-122

You are absolutely correct unless a group of minority shareholders take the initiative and can't see that happening.

Chances of option 1 happening is low as that isn't in the Todd DNA as their own history shows and others have stated it including TIO employees apparently.

Chances of option 2 are high and it will be a bloody affair unless non-TIO shareholders take the initiative and put to TIO a proposal on their own terms. No matter how much crying to the media is done it may well end in a soggy mess and as a Hayden Bairstow from Macquarie observed back in 2015 "the company's fortunes now rest with Todd Corporation".

So its looks like its going to be a trade it for as much as possible as often as possible to either maximise profit or reduce loss and don't be left holding the bag in late February when TIO can launch a new take-over offer.