Seems to me that the BPT offer guaranteed the success of the TDO T/O, meaning that DLS will be legally obliged to issue shares thereby perversely providing BPT with an out for the offer which made the TDO T/O inevitable.
Which leaves three options: 1) BPT never intended to proceed with the DLS T/O 2) BPT wanted the TDO deal to go ahead 3) BPT wants both but will wait for the negative effects of the TDO deal to become manifest in the DLS share price and make a lower offer.
DLS Price at posting:
28.0¢ Sentiment: None Disclosure: Held
