Interesting how people can look at the same set of facts and...

Interesting how people can look at the same set of facts and come to totally different conclusions Guess that's what makes a market.

My question would be why wouldn't they exercise their rights? The only thing I can think of is if there's something in the confidentially clause. Let's say AGS gets an offer for $300 m (just pulling a figure out of the air) for B4M. If ITOCHU owns 40% of ACE, surely they're entitled to 40% of that.

If they want all of the 25%, why not take up the 59,735,223 shares in Alliance, then wait & at a time of their choosing, launch a takeover for AGS? Sure they won't get IG's shares, but if they get 50.1 % they're in effective control.

It almost beggars belief AGS didn't countenance the possibility of losing the case &/or having a low share price. Surely they covered for that scenario.