smh article, page-4

jamwolf, perhaps the offer was way too low- the first/only offer. However, the AFR said fairly recently that PE was circling. Perhaps, as the above article refers to, the sale of the North American assets killed the prospect of a takeover.

There are many "activist shareholders" on the ASX. Orbis is meant to be one. Perhaps they could have used their nouse to push for a higher price.

Here's a new article on PPX in AFR Street Talk:

http://www.afr.com/p/opinion/paperlinx_needs_to_get_on_with_restructure_ZlccGZt6DTmPJWLPBBLEGI

JP Morgan says gearing needs to be reduced trough further asset sales or an equity raising.