This scenario is covered by clause 11.6 (d) of the Scheme Implementation Deed (SID) between AWE and MIN. Copy attached to Post #:
29792087.
Any counter proposal by MIN to be "
no less favourable" than Mitsui's $0.95 ps cash bid for MIN to re-gain pole position.
Clause 11.6 (e) talks of
"successive material" proposal/s. So if MIN matches $0.95 ps, then Mitsui /another would need to raise it
materially being to? $1 ps?
Then the merry-go-round would continue until ... MIN stops matching.
Clause 11.6 (f) allows AWE to withdraw from the SID where MIN does not make a counter proposal with 3 business days.
Considering Mitsui's first bid is 14.5% above what the AWE Board hastily recommended barely a month ago, shareholders' frustrations with the AWE Board are understandable.
DYOR
