Romatique - your mentioning of an offer for PXUPA at around...

Romatique - your mentioning of an offer for PXUPA at around market prices serves two purposes:

(i) Although it will be rejected, it gauges what percentage of the hybrid holders are indeed happy to accept a share market price; and

(ii) The formality of such offer, backed by RE or IE "valuations", act as anchors in lowering the price expectations of the vast majority who refuse - regardless of how ridiculous the "valuation" may appear to them.

It's a clever ploy, and if Price's timing is right, ideally PaperlinX's position should officially worsen in the months following this first low ball offer. All up, this will make it easier to snare the hybrids at, say, sub $30.

That's still a huge victory for PPX holders, and it's called negotiation.