ASX Today, page-28961

Just because a takeover offer is rejected does not mean that is the end of proceedings.

Most acquisitions end up in a song and dance between both parties and their advisors. Often it has little to do with actual value and more to do with egos around a board table. BEOT tend to get possessive about particular toys they own.

And of course there is a chance that ALB simply walks away. If they think LTR are asking too much and paying that amount would be to the detriment of ALB s/h’s then presumably that would be the end.

There’s plenty of talk that $3 is what LTR will say yes to, but ALB are saying they don’t want to pay it (at least that’s the talk amongst a few of the banks).

Who blinks first?

I think another offer from ALB is likely (given they haven’t labelled any of their offers best and final yet). They’re likely exploring the probability of securing enough shares from a few of the top 20, and if they can’t then the final offer will come.