Ann: STX: Strike increases ownership of Warrego to 19.9%, page-38

STX is not legally obligated to increase their WGO because the original offer was preliminary and non-binding in nature, and was never recommended, so they are not legally bound to extend any private treaty sale agreement to WGO. That said, if it is still their intent to take out WGO, then it would be logical for them to eventually table the same offer to the remaining WGO holders if they want to win over the majority.

Unless BPT removes their 75% acceptance threshold and be content with simply winning majority ownership of the company, or Hancock decides to come back with a higher cash offer and also be content with some level of ownership, it has essentially put itself even more of a prime target assuming the ultimate objective of would be interested parties is to assume full control over the PB assets.

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