Ann: Response to announcement regarding takeover bid by Perseus, page-28

just thinking out loud folks

Offer period ends on 23 February so PRU does not have to rush an alternate bid even if SVM considers their bid 'not superior' now. JQ (PRU) will not be jumping the gun and will only pay what he needs too. I do not think he can talk directly with SVM to argue the merits of their rejection of PRU's current bid. In which case SVM rejecting PRU's bid means that SVM's offer is 'live' and progressing. However, if no discussions can take place to challenge the rejection then PRU may up the anti to get to SVM's definition of 'superior'. Love to know the legal definition of a superior bid too.
One would think it is simply 'more than' but it looks like SVM see it as much more than; but how much more! It cannot be arbitrary can it?. Interesting times.