Ann: Westgold Takeover Offer - Board Assessment, page-78

I guess a better gauge of the incoming share price is the WGX offer. 3:11 for 251m GCY shares = 68.5m WGX shares @ $1.90 = $130m offer.

Spread that over FFR+GCY at 356m SOI = 36.5c/share. Surely this is the support short term?

Just spitballing, but if WGX keeps the offer standing, but now diluted, Deutsch Balaton win with their 5% FFR holding as well as their 23% GCY holding, so maybe they are willing to accept a lower offer. We know Delphius was happy for 4:1, maybe they settle for the lower 37c/share. Likely most FFR holders take the money and run, that is a double win, up from 10c pre merge offer to 12c on merge to another gain with WGX, so that could be an easy 25-35% of GCY+FFR votes for WGX. So WGX could have an easier run to 50% post merge but with a lower offer per share..