cre takeover maybe, page-2

Would say right now, taking into account the hiatus with CRE shareholder take up and assuming Stone does not take up the FML offer soon, the offer as it stands will fail in that FML will not be able to get the 90% of shares required for a compulsory takeover by 15 August.

Clearly, whatever Stone does from now on will determine the fate of CRE and there are a heap of scenarios to chose from if you want to get into second guessing.

Biggest concern I have is if FML tries to get this over the line by upping the ante for CRE.

When FML put in the original bid, CRE was in horrible financial shape, and now with CRE's recently published quarterly showing it is in worse shape, I cannot see any justification in FML increasing the original offer.