Takeover by stealth. I have little doubt that this will be...

Takeover by stealth. I have little doubt that this will be happening before they launch a formal offer. Depends when they want to do it, I imagine once profitable they'll pounce, which to my calculations will be sometime next year. Remember they bought at much higher prices so they are very happy to soak up by creep provisions every so often. It makes perfect sense and fit for REA to buy them out, after all they even have ex employees on board. Worst case scenario is they get 51% of IPP and leave it at that.