the liklihood of a predator having a crack at an announced "merger of equals" depends on how tightly controlled the stock is.. if there is a blocking stake in favour of the merger most predators wouldn't bother
$50m break fees going each way should be enough to stop either board recommending an outside offer (gives more ammunnition to recommend the merger) and discourage a potential predator
central banks keeping gold in their vaults , page-11
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