takeover, page-4

TapDancer,

Sure, in theory PPX could launch a hostile counter-bid.

But the CPI directors are supportive of the current scheme deed with PagePack et al, with "no shop", "no talk", "no due diligence" exclusivity clauses.

So PPX would have to come up with the mother of all juicy bids way above the current offer in order for the Independent Expert to give a fair and reasonable endorsement of the Scheme, and for the CPI board to change its recommendation stance.

And as for PPX paying over the odds, it would have to be a cash bid (PPX scrip would be a hard sell...I, for one, am not inclined to be a shareholder in PPX). And as for a cash bid, when last did you take a look at PPX's cash flow statement and balance sheet? Not much room there for the signing of cheques in the tens of millions of dollars, I don't think.

So, I wouldn't hold your breath waiting for PPX the Interloper.