IMO its because if the takeover proceeds the real value of BRM...

IMO its because if the takeover proceeds the real value of BRM assets will be tranfered over to the WN Balance Sheet. Lets face the facts they are paying probably 25% of the real value of BRM so for WN shareholders its a lottery win. There is hundreds of millions of dollars at stake.

If the latest announcement of holdings at 75.74% is the truth then IMO I think it will be difficult to achieve 90% because the last 15% to 20% of minority shareholders are well informed and are not going to give away their holdings.

The drop in WN share price in Hong Kong could be the market acknowledging that the takeover in not going to proceed.

No doubt WN will be back with another offer down the track and hopefully it will be a bit more realistic next time. In the interim they are restricted to buying 3% every six months.

Surely they will not extend the takeover offer past 23 April 2012.