Hope springs eternal eh Eel? You don't launch an offer with a...

Hope springs eternal eh Eel?

You don't launch an offer with a 50% condition if you need 100%. Needing 100% and wanting 100% are not the same thing. I agree they must have always known that getting to 90% was a risk but their actions show that is not a requirement.

All they have to do to get over 50% is to announce that the price won't be increased and they are closing the offer. In that context, why would they deliver a big increase in the offer? The answer is, they won't.

Aside - Bryce's valuation range (with 2007 pre-GFC discount rates) was $1.76 to $2.05 so how is it you say based on that "fair value is well over $2"?