Riskon22 - my understanding as the bidder statement stands, is...

Riskon22 - my understanding as the bidder statement stands, is that if they do not get 90% they can just walk & no one gets paid anything.

They also have the option of getting say 50-60% & going unconditional on that % ownership. They then have a majority holding/vote & can call what ever tune they like. They can then make another offer, higher or lower depending on how they 'play' the shareprice once they have a majority holding, to mop up remaining shareholders.

Once they have a majority holding they basically run the company & can decide who gets Galoc production, what development goes ahead etc.

So in summary, don't get stuck on 90% acceptance for this play to be a good outcome for the raiders/management. Typical is a few days before the end of offer (either as it stands or with an extension) we will get a big scary story about how bad it will be to be a minority SH in NDO & a few more will sell into the offer & the raiders will get an extra few % control, they may end up with say 60-70% of the company & be very happy with that outcome.

Please correct me if I am wrong re the small print in this bidders statement allowing the raider to go unconditional at smaller than 90% if it suits them but this is how some company TO's I have been a shareholder in have played out. The result on the SP after the raiders get control has varied.