Considering the previous undisturbed MC for PAN was $219m prior to the initial IGO TO (which was entirely scrip based), the current MC of PAN is $615m with arguably no TO premium built into it. That is a very large value accretion in the ensuing 2 years. It is certain, to me at least, that IGO let a good one go imo. Bearing in mind that WSA was not on the PAN register at the time of the IGO offer.
But the point of my post was to suggest where the best strategy might be for each BHP and IGO, and how WSA and PAN could be carved up. And, as a non holder of WSA, your perspective is predicated on PAN going it alone (ie) not be taken over by anyone (BHP, WSA or IGO), in hope that an offer is made for PAN in the future, which may or may not eventuiate.
...it's all theory and opinion......until it's not theory and opinion.
WSA Price at posting:
$3.48 Sentiment: None Disclosure: Held
