Ian I believe you are 100% correct - it’s when the board of directors of IMU assess an offer and then explain what might happen in the event it’s approved that we will see if there are any protections. It all comes down to whether the takeover engagement is friendly or hostile - ie friendly to keep key executives on board for one thing or hostile but I think a hostile bid would be shortsighted given the work yet to be done. But anything is possible and will be compelling.
Rubbing my ball, page-949
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