Roye
You might be right that it was inadvertently overlooked , however the break fee suggests they were aware of the possibility of an alternate offer.Indeed the whole concept of a Gascoyne Superior Proposal makes no sense unless they[GCY BOD} could withdraw.I dont see how any BOD would give up a right to accept a Superior Proposal particularly when case law suggests" a transaction that does not allow a board to withdraw its recommendation if the board no longer believes the transaction is in the best interests of its stockholders may well be invalid"
I feel certain there will be more court proceedings before the GCY/FFR Scheme is or can be implemented.
Ann: Westgold Takeover Offer - Board Assessment, page-59
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