If Adaman asked them to keep the bid confidential then that is what they should have done. If Adaman had wanted the news released they could have made the bid public themselves. Since their offer was conditional on finance being raised it was in the EGA shareholders interest to wait for the finance to be complete before everyone was told.
Of course the bigger issue was the no shop clause in the BID that prevented EGA from attracting a better deal.
EGA Price at posting:
51.0¢ Sentiment: Hold Disclosure: Held
