re: Ann: Avoca Reaches 44.85% at Close of Off...
In Australia a company cannot come back with a lower offer in less than 4 months. The BHP RIO issue was that if BHP had wanted to come back, it would have been at a lower price.. hence the press that it was 6 months (that deal was in several jurisdictions, hence 6 rather than 4 mths).
From my discussions with a lawyer familiar with the Corporations Act, AVO can come back immediately with an equal or better offer. Mind you, ASIC couldn't confirm this for me, and I don't have a full Corporations Act and Regulations in front of me.
I don't think it would take much for AVO to get over the 50% - but they need to act fast so that RMS don't end up with a stake that enable them to greenmail AVO down the track.
AVO Price at posting:
$1.62 Sentiment: Hold Disclosure: Held
