Ann: Consortium increases cash consideration to $9.53 per share, page-105

I’ve had thoughts very similar to all three of these, but had some concerns.

1. This outcome creates quite a bit of reputational hazard for Brookfield/EIG regarding them increasing a “best and final” bid, the more so since they have already bid multiple times against themselves, and are for sure going to want to do more M&A in the future.

2. This seems the outcome they’re hinting at, and it could be at $9.53 even though generally off-market takeover offers tend to be lower. However, let’s say they get 55% through such a transaction. Wouldn’t AusSuper have them over the barrel oven more strongly than they do now?

3. This would be interesting, and it would make sense of the odd wording “a best and final proposal as to price”. Leaving aside the reputational hazard of Brookfield/EIG caving on a “best and final proposal”, can anyone think of a reason why it’s implausible?