I agree if I was Newmarket I would want to have 100% ownership of the feed in.
Not sure AHK doesn't have any bargaining power.. pretty sure Newmarket is keen to secure feed in, and not sure there is much else within cooee of union reefs.
If I were in Newmarket I would want to buy out AHK and secure feed in and potentially expanded resources. But as an AHK holder I don't think their offer would be seen as fair value from AHK perspective given the potential.
I guess time will tell
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