"Gascoyne notes that the position agreed between Gascoyne and...

"Gascoyne notes that the position agreed between Gascoyne and Firefly (where Gascoyne, as the acquirer under a scheme of arrangement, does not have a specific termination right to pursue a competing proposal) is not uncommon in the Australian M&A market1 and is permitted at law and under the ASX Listing Rules"
What a stupid sttaement from the GCY BOD.It entirely begs the question why one would agree to such a restriction.In my view it is sheer negligence either by the BOD or its legal advisors to have accepted this .Surely the GCY BOD were the stronger party in the negotiations with FFR and should have demanded the right to accept a Superior Proposal.FFR did .WHY DID THE GCY BOD NOT REQUIRE AN EQUIVALENT RIGHT!