Precisely. 10% is not enough. 15% will get them a seat at the...

Precisely. 10% is not enough. 15% will get them a seat at the board (well the right to request it, but would be foolhardy to try and block that). And 20% creates a change in the takeover laws.

The strategy for Cooke is clear: accumulate at $4.85 as much as possible, and as long as they are accumulating, don't increase the price.

The strategy for other large shareholders is clear: Don't sell, hold on, and wait for a larger bid. Apart from Yarra, no other large shareholders have sold down - they were myopic and early, a mistake I bet they regret. Other shareholders in the Top 20 I understand are accumulating but have not needed to file yet. So at $4.85, there's no sale.

The strategy for management is interesting but not clear: Reject all offers and force hostilities at the current levels of ownership knowing they do not have the numbers to get a takeover.

But, if Cooke increases their bid and shareholding, what will management do? My guess is that they have Goldman Sachs on the phones every day looking for bidders from Japanese, Norwegians, Canadian super funds, Australian investors, etc. If they sense Cooke is close to getting enough to accumulating enough shares, they may look to create a bidding war. My preference very much is that we do a Huon-style auction if it looks like Tassal is going to be taken over one way or another. But if GS can't find any other suitors, then it's just Cooke negotiating with the other large shareholders to find the right price. I keep hearing $5.50 is the point of capitulation. Personally, I hope not.