I have been involved in several TOs, and you can't "reject"
actually, you will find the board will basically be forced to recommend that kind of premium without a 2nd bidder.
You just don't sell into any offer, say look at TAP recently....5.4c to 7.1c to 9.1c and nearly gone. (I remember NDO as another I was in)
In the end, it's still not 100% premium.
You can't "muster" 10% per se
You just need the acquirer to not reach 90%+ to engage compulsory TO by ASX TO rules.
So think if it as holding out for a sweetened offer (as a group maybe).
Many will be done at 100% no matter the "future" value as recurring cash-flow is years away due to the sector we are in and trials.
T/O, page-13
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Mkt cap ! $36.11M | |||
| Open | High | Low | Value | Volume |
| 20.0¢ | 20.0¢ | 20.0¢ | $26.24K | 131.2K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 78722 | 20.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 21.0¢ | 15873 | 1 |
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