I think you guys are right that many shareholders would accept...

I think you guys are right that many shareholders would accept $40 or $50. If I remember rightly LittleT said he'd be happy with $8 at one point.

However, I don't think we will need to worry about this. As I covered in an earlier post, if Neuren is as potentially valuable as we suspect it is, we will have a competitive situation with many interested parties.

In this situation the board will simply recommend the best bid to shareholders (subject to the specifics of how the bids are structured). To me the Neuren boards responsibility to 'get the best value for shareholders' directly implies they will run a competitive process - as that is the best way to maximise returns.

In this situation it's not the board or the top shareholders who will determine the price, but the 'market' of interested parties and the winning bidder.