re: bpc now in preopen I don't think there will be an upgraded offer for a number of reasons
1) The lodged document is fairly unequivocal on this, "Accordingly for the record, the price will not be varied". My understanding under the continuous disclosure rules, havings said this so definitively hard to change.
2) Most brokers had target price somewhere near $1.10 anyway.
3) While I disagree (I'd say NAV is close to $1.25) the value to Hart is getting this at a discount and he hasn't got much room to move.
4) Market price is now under the sale price, appears the market doesn't think there's a higher bid out there either.
Of course possible he doesn't really want to take all the shares anyway. Possibly he just sees the value in current share price and wants to pick up a few more shares but would be happy to pick up 10-20% at discount if people stupid enough to sell. And of course under ASX rules he's not allowed to do a partial buyout but can do a full buyout that he knows only some people will accept.
BPC
burns, philp & company limited
