There is a page consisting of two articles dedicated to yesterday's announcement in today's AFR, one of which seems to reflect much of the discussion on this forum.
The title of one of the articles is "Offer may not be enough for major unit holders."
It talks about the fate of LLC's bid for LLP lying in the hands of major unit holders who have been with LLP through thick and thin.
These major unit holders, and obviously lots of smaller holders which the article doesn't make mention of, have supported LLP as it broke away from BNB, dealt with its debt problems, and supported it in its dispute with Prime.
The author points out that with just the debt hurdle remaining, major investors such as Colonial First State and HK based Pagodatree Investments are wondering why they should support the ambitions of LLC to take out the minorities in the trust.
The final paragraph in the article finishes by stating that big investors in LLP are more likely to accept a bid in the low 40c range.
The author cites the heavy trading that occurred yesterday around the bid price as being evidence of hedge funds piling in for an expected sweetner to the offer.
LLP Price at posting:
29.5¢ Sentiment: Hold Disclosure: Held
