it's only a Non Binding Indicative Proposal at this stage.
I read Paul Rickard commenting that only about 50% of these proceed to an actual takeover."
I'm not sure who Paul Rickard is when he's at home, but while that observation might be applicable to Non-Binding Indicative Proposals in general, almost none of those are accompanied by the Board of the target company offering due diligence access to the would-be acquirer(s) or have a major foundation shareholder publicly supporting the takeover or having a share retention mechanism in place for those truly long-term investors who wish to continue to own shares in the company.
So I think the chances of this takeover transaction clearing are far higher than just 50%.
More like 95%, if I pressed fora probability number.
.
Ann: Response to Media Receipt of Non-Binding Indicative Proposal, page-36
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