AFR article, page-4

Jake et al:

I may be the bluntest tool in the corporate takeover shed but what appears to me to be happening (and I confess to being bewildered & angry with NHC's announcements & responses) is that Blackstone and Morgan Stanley can see the offer does not reflect the inherent value in the business. So, I ask, are they spoiling the LB party by blocking the t/o: their motive being to squeeze more value out of L/B?

I welcome a contradictory argument but if we all capitulate and they (BS&MS) hang on it leaves LB without control & stranded and they triumph with an 'over the line' better offer?.

Junior shareholders are involved in a gigantic game of just how much value (and subsequent risk) we put in WCL. It hurts us if we get it wrong but for Blackstone it is a shrug.

I will decide on Monday

hs