The board could be rejecting the new offers as they're not good enough to entice additional offers from GV and Rio. I don't think this board would be working against MC. If anything the board will only do what MC wants as he could simply replace them due to his majority holdings. He also has additional interest in the projects 15-30%. I think its absurd to suggest the board is working against MC.
I can't see FEX offering more shares, by changing the recommendation it would require a new deal from FEX. Which I don't think is currently possible, unless its a different structure as I don't think FEX really wants Croydon, etc.
So I think the current tactic from MC and the board is to keep FEX offer as the leading offer. Saying we've seen your non binding bids and they're not good enough, if you want it put something bigger on the table or we're happy with the FEX deal.
Considering MC hasn't accepted the FEX deal, seems to suggest he's still hoping for better offers to be presented.
CZR Price at posting:
30.0¢ Sentiment: Hold Disclosure: Held
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