Ann: Variation of Takeover Bid, page-108

I've been watching HC on this and noticed a few key value generators that the TO may offer -

Utilisation of tax losses under the same business test
Lower cost of debt under new control
Low cost of production via better transport
A stabilisation of the IO price

If (a big IF) you believe that minorities can be looked after in all this, alongside FMG, then that is why the SP will stop running close to the TO offer price with arbs and then spike. Doesn't look like upramping if those four points are real. Seems to be worth a punt...