I agree with many things with @Hadrian. Most fishy things here is the management has failed BASICS to announce:
WHEN DID THEY FIRST RECEIVED THIS OFFER,
WHY THIS WAS NOT PUBLISHED TO THE MARKET IMMEDIATELY AND THE MANAGEMENT MADE DECISION WITHIN CLOSED DOORS
WHETHER OFFER WAS NON-BINDING, CONDITIONAL (or NON-CONDITIONAL)
WHAT WAS INDICATIVE PROPOSAL
If my first and second bullet is valid, this will have severe implications on this T/O and CEO/management should be responsible for non-compliance to market rule
"According to ASX listing rules, a company must immediately announce any takeover offer to the ASX if it becomes aware of information that a reasonable person would expect to have a material effect on the price of its securities, which includes any takeover bid, through what is known as the "continuous disclosure" requirement under Listing Rule 3.1; this means the announcement should be made as soon as possible upon receiving a takeover offer"
Another falls call the management has made was that if they started to negotiate with Rubric Capital and Viburnum without notifyng to the market
I think my points can be challenged in the court but needs to be supported by facts and figures i.e how did they receive offer, via broker, email fax etc.
How many days did the management took to negotiate with Rubric and Viburnum (If they started to negotiate with these companies without publishing details to the market), the CEO should be behind the bars and should be suspended to take any positions in ASX listed company
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