The offer at 70c would definitely been a condition of them securing the parcel of shares from Perpetual. GEM would know absolutely that 70c would not get across the line.
Company definitely in play and GEM don't want to be holding 16% for too long. IMO they will definitely pay higher.
Game on!
Ann: GEM: GEM to make a takeover offer of AFJ at a 29.6% premium, page-8
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