It just seems like such an easy out for the Takeovers Panel. $2.50 cash is arguably superior than the $2.60 cash and shares combo in its own right. This is only exacerbated by the fact the the value of the APA share component is (obviously) tied to the value of APA shares. It only gets to $2.60 when APA is $8.88 and it hasn't been this high since it lobbed its bid. At $7.75, the APA bid is not even $2.50, and how can APA guarantee that its shares won't be at this level after the cap-raise that it has confirmed it will be conducting?
Offer $2.60 (or at least $2.55) cash, and then the Takeover Panel will be forced to consider the "fiduciary out".
Ann: AusNet Services Limited 02 - Panel Receives Application, page-5
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| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
|---|---|---|
| 35 | 11382 | $8.38 |
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| Price($) | Vol. | No. |
|---|---|---|
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