i know takeovers processes very well.
i am 99% sure that the chinese could proceed with a bid for Extract on a standalone basis.
however, they are going down the current path to maximise the post-tax position of KAH shareholders. i don't know how bad the tax pain would be if they bid for EXT directly as a first step, but it could be enough to make the deal unpalatable for KAH.
macquarie banks on offer for extract afr 05/05, page-4
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