The catch 22 of this whole deal is if it is fair for MAY shareholders it is unfair to MEL shareholders so not likely to get enough MEL shareholders to accept to get 50%+ .
And if it is fair to MEL shareholders it is unfair to MAY shareholders so the MAY shareholders likely to vote down the deal .
Forget what either share was worth on the date of the TO announcement . The TO announcement is not the main driver atm of the SP for either company . The vote by MAY shareholders and the decision by Santos / Total on the drilling of Beehive are the critical catalysts that will drive the share prices . Both should have been decided well before 24 Oct .
There just does not seem to be enough synergies to make it fair for both lots of shareholders ,
MEL Price at posting:
4.8¢ Sentiment: Hold Disclosure: Held
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