The announcement from AZZ dated 19 May 2014 indicates that Lone Star started their media campaign before AZZ had received any correspondence from them regarding their proposed takeover. Lone Star has not disputed this despite having every chance to do, so that's the view that stands.
I think it's naive to think that Lone Star ever had any intention of negotiating or working constructively or with the board when their mode of operation is to express their intentions through the media and to turn the whole thing into a PR circus.
Announcement from AZZ dated 19 May 2014:
Antares Energy Limited (ASX Code: AZZ) is aware that a news article has
appeared on Bloomberg which advises that recent substantial shareholder,
Lone Star Value Management is calling for “an extraordinary shareholder
meeting to garner votes for five additional board nominees”.
Antares advises that it has not received any correspondence or
communication from Lone Star Value Management in relation to their
intentions and until such time as it does, it is unable to comment on the
accuracy of the purported request, however the Company would continue to
operate as it always has, in the best interests of all shareholders and
in accordance with the ASX Listing Rules and the Corporations Act.
A copy of the news article may be found at the following website: http://www.bloomberg.com/news/2014-05-14/antares-energy-targeted-by-u-
sactivist-fund-lone-star-value.html
AZZ Price at posting:
54.0¢ Sentiment: Hold Disclosure: Held
