Ann: Improved POSCO proposal and intention to recommend, page-59

SXY Gina AFR: Post #:57390020


also… as I mentioned, anyone who wants to go hostile with a higher bid regardless of POSCO’s exclusivity period just has to put their order in on market for the total SOI. (maybe if we all club together? )
however, I am not entirely sure of the situation should another entity prefer to make a formal offer in a more friendly manner? Must they wait until POSCO’s exclusivity period ends, by which time they will have negotiated a binding offer, dotted the Is and crossed the Ts ? Anyone know what happens if they do not wait and ID finds a bigger and better offer in his Inbox? Must he inform the market? Can he just tell POSCO to see if they’ll match it? Surely he can’t ignore a better offer on the grounds of POSCO’s exclusivity? But, what is the advantage of exclusivity if you can get gazumped, there must be a point to it?

Anyone?