cougzen,The hardest part running a public company is to not...

cougzen,

The hardest part running a public company is to not squander the purse when it is extremely fat. If zfx do walk away from the bid the directors do not see value in purchasing above the offer price.
In a dissapearing market( bear) any director would look foolish to overpay.Looking at the market it is probably an each way bet as to which will cause more pain: walking away or increasing the offer(50:50 split imo)

Also it is human nature to protect your job.quote"The beards DO NOT want this bid or takeover. "They will lose their job probably. Remember the directors of AGM sourced money in the form of shares to build this company and as such they have duties ( as set out in asx rules, company laws etc etc) to all shareholders in respect to this.

I'd say MM in relation to WMC made a decision on behalf of ALL shareholders not just a small percentage. ( YES buddy this is the way it works for directors their duties are to 100% of shareholders eventually 90%+ said they were happy to sell ).

There are still more twists to this tale and wait for feb 8th to revall all. If american sentiment goes down as expected will holders accept the inevitable fall off the cliff? THIS DOES NOT WORRY LONG TERM HOLDERS but the majority of shares would be held by instos etc that look at the bottom line SHORT/MEDIUM term . Ask any broker fundie and they will tell you in a bear market "Lock in profit"
This MAY affect the board structure depending on outcomes on feb 8th or sooner.

ps somebody posted about a second ball mill . Still can't find ANY information on this. Can anyone enlighten me ?

thanks