read what the story from "The Australian" ( which is substantively the same as the WSJ one ) says:
various groups are planning to make a bid for a controlling stake in Centro.
Well in this country, it is very hard if not impossible to make " a bid for a controlling stake ". Partial takeover bids, they used to be called, and they were common 30 and 40 years ago under old laws, but not for a long time. They still sometimes happen in the US and New Zealand ( look at Auckland Airport ), but not here.
If they are planning to make an offer TO SHAREHOLDERS, it has to be a bid for the whole company. They can have a whole range of conditions, including minimum acceptances, but you cannot "bid for a controlling stake".
Secondly, the story mentions multiple offers TO CENTRO, which they are considering. Not TO SHAREHOLDERS. To me, this looks like they are proposing schemes for a huge placement at a price attractive to them, which may not be beneficial to other shareholders.
CNP Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
