No, I do not think the probability of a superior offer is zero.
1/ I gave the example of EGA, where both the EGA board and LSX board recommended and supported the initial low ball offer, yet this was increased. i.e Support from EganStreet Board and major EganStreet shareholder The EganStreet Board of Directors unanimously recommends that EganStreet shareholders accept the Offer and have indicated that they will accept the Offer in respect of all EganStreet shares they own, in both instances in the absence of a superior proposal. In addition, EganStreet’s largest shareholder, Lion Selection, has entered into a Pre-Bid acceptance Deed with Silver Lake under which it has agreed to accept the Offer in respect of its 16.2% holding. A copy of the Pre-Bid acceptance Deed has been lodged with ASX.
2/ Now have a look at NUS third biggest shareholder Federation Mining and some of the names behind it Jim Askew, Mark Le Mesurier, Bob Vassie, etc. some serious mining pedigree there. Have a look at their website and their ambitions. Acquisitions! Interestingly some of those guys are/were tied up with EVN and how did EVN evolve? a merger on Conquest and Catalpa, and who was a major shareholder of Catalpa?, LSX! - it's a small world.
If there is a bargain here others will be watching.
NUS Price at posting:
34.0¢ Sentiment: Buy Disclosure: Held
