The announcement and timing does have the feel that Ata is being...

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!!