"the issue of the Tranche 3 Shares only or the issue of both the...

"the issue of the Tranche 3 Shares only or the issue of both the Tranche 3 Shares
and the Tranche 4 Shares (to a greater extent) may reduce the likelihood that the
Company will be the target of any potential takeover activity other than by PXSteel
itself, which entity will be in a more advantageous position to commence a
takeover bid for the Company"

From page 10 of today's announcement.

Is this the likely option??

It would seem this way to me. It is listed down as a disadvantage but what it may do is either bring out another bidder before April 30 or it seems pretty destined to go down this path imo.

Given the independant valuation values WFE at 60 to 80c a share, I wonder what price PXSteel would have to pay for the rest (65%) of the company??