I think we are in for some interesting times ahead with a...

I think we are in for some interesting times ahead with a possible takeover of Tap. I don't consider myself a strategist when it come to takeovers but I have been thinking

• Chatchai's main aim is to get Manora on the cheap through a takeover of TAP.
• Troy has said he is prepared to sell any/all assets including Manora.
• Chatchai must worry that Troy may sell Manora to a third party. (Does he have any preemptive rights?)
• Will Chatchai make a reasonable offer to Troy just for the Manora project?  (I doubt that he would be that generous).
• He will need to get control of Tap quickly before the possible  divestiture  of Manora and therefore he will have to make a realistic offer in the first instance to shareholders otherwise third parties may bid for Tap.
• My gut feeling is that time is not on his side but I'm sure both he and Troy have the best brains available to work out strategies.

I wonder if anyone else has any ideas?