Not far to go now. To my mind though we could, theoretically, have control of BON already.
How so?
Well, following UCL's announced t/o bid for BOn announced on April 17th, BON responded later that same day, under signature of Mr. Michael Woodborne, Managing Director, by saying:
..."As the terms of the proposed bid from Union have not yet been received by Bonaparte, the independent directors of the Company (being Mike Woodborne and John Robertson), who recommended the acceptance of the Minemakers offer, believe shareholders should now take no action in relation to their shareholding in Bonaparte until the terms of Union's bid are known and the independent directors have had an opportunity to consider those terms and determine whether or not they are superior to the Minemakers' offer"
UCL's BIdder Statement was only posted yesterday,May 5th, 3.43pm AEST.
Assuming the BON Directors had not yet accepted the MAK Offer, seeing the 50.1% acceptance level had not been reached by the time the UCL Bidders Statement had been received, AND, AND, as the BON Independent Directors' advice to shareholders, on receiving notice of the UCL Offer was to:
".....take no action.....until...the independent Directors have had an opportunity to consider terms(of the UCL bid)"...
This to me means that we still have to wait for the BON Independent Directors' Target's Statement to UCL's bid before we'll see A JUMP in acceptances for the MAK offer.
I just don't see (nor do I think the Independent Directors will see) the UCL Offer as 'SUPERIOR'.
I expect that before end of this week, the Bon Target's Statement will be issued saying MAK is definitely the go, with advice that shareholders accept the MAK offer.
FOLLOWED immediately by acceptances by the BON Director's (13.6% worth), which will take it to over the 60% mark.
Once that happens acceptances from the remaining shareholders will CASCADE, IMHO.
Cheers to all.
AEV Price at posting:
58.5¢ Sentiment: Buy Disclosure: Held
