Btw, whilst we're on the subject of the options, Listing Rules aside, option holders have the comfort of knowing that most of the larger holders of the heads also have sizable parcels of the listed options. That said, it only stands to reason that those holders are very unlikely to vote in favor of any takeover if the bidder fails to include the options in the package. I can tell you that these large holders are not in the market to lose money.
Common sense will tell you that FEL's bid has less than buckley's chance of even attracting 5% support, let alone 51%.
May I also point out the fact that historically the first bid is not normally the last!
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