SG,
Well, we already know AOE have been approached, and declined the offer (as has ESG declined a previous approach). And we also know the projects in QLD are in desperate need of consolidation in some form, to avoid costly duplication. And the window for that, as David Knox has pointed out, is closing.
So, naturally, AOE is of interest. Whether AOE decide to try to go it alone, or eventually accept an offer, is a matter for their shareholders.
As mentioned by entropylord, a handful of companies do not get bought out, such as WPL or STO. They end up near the top of the food chain. Students of history will also remember why WPL is still independent (and that has got nothing to do with the unimpeded market forces that I am talking about).
But those mentioned are, of course, the exception to the rule. For every STO, there are scores of companies who were consolidated along the way, as the size of their resources outgrew their financial means of developing those resources. And the offers to their shareholders and directors were just too tempting.
So, I am not really sure why some people think consolidation of mid-tier companies is such a radical concept. I wouldn't have thought so.
Y
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