Ann: Improved POSCO proposal and intention to recommend, page-77

It feels worthwhile holding on to this a little longer as the story might have further to run.

The Australian:
“The change in Posco’s bid structure to a scheme of arrangement, rather than the previous off-market takeover plan, would stretch the timeline for completing a deal but also leave the door open to potential counter-bidders emerging, sources following the process said.

Santos is seen as a logical bidder for Senex given its dominant east coast gas position, although the Adelaide based producer is already juggling a giant $21bn merger with Oil Search and faces renewed deadline pressure to execute that deal before year-end.

“Assuming another bidder comes over the top with a higher offer is speculative, but in our view certainly a possibility,” Morgans analyst Adrian Prendergast said.”

The Google :
Under an off-market takeover bid, the bidder makes the offers and largely controls the process. It is the bidder who determines the offer price, the offer terms and conditions, and the offer period.

As a takeover bid is driven by the bidder and does not require target consent or co-operation, it can be used for a 'friendly' or 'hostile' acquisition of a target.

Under a scheme of arrangement, the target company seeks the approval of its shareholders to propose the scheme following an initial approach by the bidder. Therefore it is the target who controls the scheme process, with some involvement from the bidder.