re: Ann: PXU: PPX: Bidder's Statement - O... PPX's approach to this "takeover" (more like an on-market buy back by stealth given that it has no minimum acceptance condition) is perplexing (actually "PPX" is quite a good short form for "perplexing"):
Step 1: Get all PXUPA holders off-side by making aggressive statements about fiduciary obligations etc, and threatening never-ending cessation of distributions.
Step 2: Propose a desultory 250:1 offer, based on a notional 5.6c PPX value, and $14 PXUPA.
Step 3: Wait.
Step 4: Wait some more.
Step 5: Lodge bidder's statement confirming the 250:1 ratio (now worth more lie $12-odd), and include foreboding language to suggest that PPX scrip is likely to be worth even less than it was when the original offer was desultory.
Step 6: Wait.
Step 7: ?
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