This is very sound logic- I agree a competing bid looks a remote prospect.
One thing is the lack of any premium in the unconditional cash offer. The Extract closing share price was $8.60 on either 14 or 15 Feb (not sure of the day because of the time difference with the UK!)and the bid price is $8.65.
That's a 1% premium!
Unless you do what Kalahari did in respect of its offer from Taurus and compare with a share price last year!
its a joke surely ?, page-36
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