Good article in Fin review today which confirms what alot of us...

Good article in Fin review today which confirms what alot of us have been inferring about the stupid takeover bid. Can't copy & paste because of copyright but some intersesting quotes:

"“We had a lot of shareholders, especially those in the UK, calling and saying ‘this is rubbish, they’d never get away with that here’.”

"Discovery shares, which were trading at around $1.30 each before the bid, tumbled below $1 as a result.
Speaking for the first time since the bid was pulled, Mr Galt on Tuesday said that the initial bidder’s statement included several self-defeating clauses that went against Australian takeover law and gave Cathay Fortune an easy out."

“This is typically what these Chinese bidders do. They come in, they float a number, they give themselves lots of outs,” Mr Galt said.

“It’s just a device and I don’t know how or why their lawyers let them get away with it.”