If a big boy came in with a competing offer it would increase market confidence in the permits STX already own.At this point, the market doesn't seem to be taking much notice of West Erregulla.
Hence, my win-win comment.
Regarding 'existing shareholders' it doesn't say ALL existing shareholders. Just reading the announcement, the CR could be new sophisticated investors and large existing shareholders. That's why I asked Mir. He often speaks with management, so can provide clarification.
Ann: Strike Takeover Offer for UIL Energy, page-35
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