Ann: PRG Board recommends acquisition proposal from PERSOL, page-17

Yes, this is very good news indeed. Japanese investors are no-nonsense and go for the king hit straight away (eg, Japan Post t/o of Toll). It will be interesting to see what the special dividend is. Ideally it should be quantified on the basis of franking credits PRG currently hold.

Interestingly, the take up hurdle is very low at 20%. I would have thought that shareholders would be ripping PERSOL's arm off taking the cash.

The break fee (c$7M) is fairly low - it would be nice for another suitor to appear! At the premium PERSOL is offering, I wouldn't expect one.