"Im pretty sure if BAM had decided on Beppa=20c, BBI would have went along with it"
Yes, but the BEPPA large holders did not go along with it and negotiated their position hard. What's the bet their legal people had already long since discovered the Bronte angle and that this was the centre plank of their negotiations. "If you don't offer me such and such, we will simply vote you down". I am sure there was plenty of to-ing and fro-ing on this negotiation.
I was initially flabbergasted that they got 43 cents of value for their BEPPA, but the highlighting of the BEPPA ranking over some BBI assets meant the large BEPPA holders were able to extract a much larger deal than everyone expected.
If I am right here, and the larger holders got some success in their negotiation (and I think 43 cents is success myself), then they will therefore be voting yes at the meeting knowing that to vote it down would not be worth the risk of the 43 cents now for an unknown amount later. 43 cents I suspect is a mid point somewhere between the worst and best case scenarios that their own people already evaluated.
All very interesting. What will be really interesting is how many proxies get sent in for the vote from the smaller holders. I get the feeling it could be a 'bird in the hand' job at 43 cents rather than some long drawn out process if a no vote wins the day. People don't like uncertainty.
BBI Price at posting:
3.5¢ Sentiment: None Disclosure: Held
