I don't think PGF have to do anything. If WAM keeps trending down, they are unlikely to get the acceptances they need. It might take at least a 5% bump in WAM's offer to really get anywhere near 20%. This will be enough to block the scheme but PGF can still come back with a similar unconditional offer to WAM (such as what Huon did when AF tried to spoil the party). WAM and PGF holding non controlling stakes in PAF is no good for anybody so would expect sane heads to prevail and work their way through.
PAF Price at posting:
$1.11 Sentiment: Hold Disclosure: Held
