Good points. In a competitive, commodity-like industry, I generally prefer the biggest or second biggest player (especially with overwhelming market share). But if you are the 3rd biggest player with only 14% share, but you have plenty of cash and a solid balance sheet, and you are prudently managed, and everyone else is indebted and in general poor shape (if, I don't know if this is actually the case) - then that can present interesting possibilities.
Ann: Results of Meeting-FRM.AX, page-55
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