Ann: Registration of Scheme Booklet, page-122

After giving it some thought i think i understand his thought process. He's hoping a better offer emerges prior to the voting deadline. The WES offer is just a fall-back for him if no superior offer emerges.

To me it seems like risking a lot for a low probability and proportionally low reward but thats just my opinion.

I think you underestimate how difficult it would be for another interested party to actually make a bid butcherboy, given the exclusivity provisions and the far from level playing field regarding access to information necessary to make a near billion dollar financial commitment. You've got your board to thank for that one.

Would seem more likely that another bidder (or higher offer from WES) would emerge following a no vote for the WES deal rather than prior to the voting deadline. I am of course assuming that general interest in KDR is a bit lacklustre, which is based on no prior takeover attempts or accumulation to that effect prior to WES' interest.

I think WES have played their cards perfectly and that the deal will go through. The fear of tbe SP returning to what it was prior to the WES offer will be stronger than the will to take the risk to hold out for actual 'fair value'.