could we be pipped at the post, page-6

Dan,
Why would PB need to sell down to 20%? He can continue to hold any amount and still be a takover target. I gather you are talking about the corporate regulations that prevent a stakeholder holding 20% or more without launching a takeover bid. This only apply to stakholders with less than 20% trying to acquire over 20%, if you already hold more (from a float or other shareholder approved transactions) you can hold any % you want and not be bound by that regualtion.