With everything going on with this saga, one thing that astounds...

With everything going on with this saga, one thing that astounds me is that Dick wants to accept a merger of equals with TTS, but ignore a clearly superior takeover bid from TAH on the basis that it does not offer a takeover premium.

It's not for me to judge what is best for UTB shareholders. They can merge with TTS and hope their share price appreciates to the point where it is a good deal, or they could accept the TAH offer (if it is given the green light from the ACCC).

But for Mr Macilwain to say there is no takeover premium from TAH is an absolute joke. UTB has been trading with a takeover premium built into the share price for the best part of two years now. If any UTB shareholders want to whinge that there is no takeover premium, then they should just look at the PE that UTB is currently trading at compared to TAH.