imagine if management had treated the bhp bid as hostile. (and lets face it its passive aggressive if nothing else)
we'd all have copped freebie options that would be well in the money and our dshares would probably be trading at $2.50.
would be nice for holders if the bid gets killed, but i worry about how high it would be re-rated if bid fell over. afraid to say i think management have effectively killed their own project. that disgraceful document talking down their own asset is a huge hurdle to ever extracting full value. can't see bhp upping their bid ... but then again these phone calls suggest something is afoot
UMC Price at posting:
$1.29 Sentiment: Hold Disclosure: Not Held
