blackstone?s bid for valad headed higher?, page-5

Will be interesting to see the Independant Experts report - in the case of EDT, that report indicated the bid was not fair or in the interests of shareholders. As regards VPG, considering the bid is greater than a 20% to NTA (however one wants to determine NTA since as we know it is historical and the market has improved since 2008/9), and the fact the valuation on the Funds Management is practically zero according to the bid, as well as the good cashflows from European business, I'd be surprised if the IE report didn't echo something similar to EDT. The scenarios if correct is either the bid is withdrawn (in which case the question is what would happen with the shares traded recently as well as who would exit and pay who), a counterbid arises from elsewhere taking advantage of arbitrage, or BS ups their bid. The scenario if wrong is that we get the 1.80, and are left wondering what additional information the IE had that we didn't that convinced him/her it was a reasonable bid - the cynic is me would be convinced that management had further held back information regarding the true worth and issues that the IE had access to. Even if the IE recommends no, our gracious board have already given the thumbs up (yours) to the offer, so then the problem is acting on the IE one way or the other, i.e. the board, the bidder, the majority holders... Personally I'd love an IE to say no, and then see how the board reacts and is reacted to - they'd have little other recourse than walk away if they had any sense, and such a report would vindicate a lot of posters concerns over management and the board over the past years...but then who'd manage the lot - while Orbis wouldn't be thrilled, I can't see them nominating someone to the board since they're not in the business of managing businesses...