Also, as someone else mentioned, why would UIL directors give up their shares and board positions if they thought Jaws was no going to succeed. Half the reason they agreed to a takeover - at a market cap less than the listed on the ASX at - is because they want exposure to the Jaw upside.Also, I wouldn't be surprised if the UIL directors got a special presentation and interpretation of the early Jaws results, possibly over an expensive lunch. i.e. an exchange of information between discrete gentlemen.
Ann: Strike Takeover Offer for UIL Energy, page-97
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