beach takeover of ade, page-50

Midlife.... ADE management are saying once they have 50% they can't pull out unless they get ASIC approval which would only be granted in extenuating circumstances. Bpt are saying they may or may not decide to pull the bid before the 22nd dec. I am not 100% sure of the rules but you would think the ADE management statement suggests far more concrete words on that part of the offer than bpt's. Either way do you think that not would launch an on mkt takeover like this just to get 50% ? I doubt it personally. Also the fact they have said that they are prepared to buy the company at 20 cents and most think that is cheap (even all the not holders it seems) then the expectation by some that the price will drop substantially if they could manage to pull the bid seems a bit overdone to me. Yes it could come back a touch (IMO) but this bid has established a new valuation level in my eyes. I could be wrong of course so best to dyor etc