If Carlyle want to pull out or make a low-ball offer contrary to original deal surely then the board can consider if alternative funding is available. If there is alternative funding available, under this scenario I think the board has a duty to disclose it to shareholders. In my opinion any alternative funding that allows PNC to remain on ASX is superior to a take private low-ball offer which I don't think is in shareholders interest. Main reason being this would allow long suffering loyal shareholders potential of some up-side post covid-19 on what seems to be a solid business generating good cashflow. I just hope board are independent & strong enough to take this action as KJ seems more aligned to Carlyle on this arrangement. I hope the board don't recommend a low-ball offer is in shareholder interests without a fair-dinkum check of alternative funding options (if any).
PNC Price at posting:
63.0¢ Sentiment: None Disclosure: Held
