new takeover offer, page-11

QUOTE
"I'd say you are right and at 105 they have chosen a value point that they will be very comfortable with even without getting control. Presumably they have respect and confidence in McGann & co."

I agree EL, but this is what makes me a bit suspicious. At 1.05 cash right now they would get some acceptances, build a stake, decent investment. But making it 75% conditional, who is going to accept knowing that basically the directors have to agree, you'll be waiting a while having you're shares tied up when its not much more than on market? You don't invest in IPM to take a 10% gain off the lows....

"Do you know if those in the institutional acceptance facility are allowed out for a higher offer? as atm that seems mostly what COE have achieved."

I wouldn't think so as they are included into COE's holding today. ie. I gather the instos have already received their cash

Interesting times