I think you need to put the situation into context. WSA's Board...

I think you need to put the situation into context.

WSA's Board and management have been under extreme pressure for months now from its largest shareholders to reach an agreement and put it to a shareholder vote. They've accomplished this now. If they failed they would have likely been facing an EGM and the sack. This is still subject to a scheme vote (e.g. >75% acceptance). Note that there's no comments from Wyloo or the other major shareholders.

Perpetual is basically making an open tender to the market that their shares are for sale at $3.36 or above. If anyone wants to make a counter-bid for WSA the first thing you do is buyout Perpetual's block of shares and you're immediately in a strong position with ~15% of the register. IGO of course have the right to match a higher bid...