Revised Offer

The announcement and timing does have the feel that Ata is being given time to table an increased offer prior to a recommendation. Hard to believe directors don't already have the IER (in a draft form). 

The question is what is needed. 40c plus a dividend of say 1.5-2c feels close. The thoughts of 50+c type bid is only a dream. I have been in since day 1 and will go with the recommendation. A look at Stanmore Coal earnings illustrates the offer will always look cheap on valuation metrics but with global growth slowing coal prices could change quickly.

Look forward to wash-up in coming weeks but can't see 35c getting a recommendation or deal done. Something in the 40-45c gets them into the "reasonable" zone given trading levels of UNV. Fun times...hold tight!!