Thoughts, page-20

That's all very well Kepo but what will happen to the sp in the interim? Todd are devious and shrewd. If we think they will all of a sudden be nice guys and make a higher offer, I think we are being duped. The current offer expires on May 2 (from memory). What if Todd decide to lay low and not make a higher offer for a time (maybe months). The sp will probably drift lower and lower in the interim (assuming no other 3rd party offer). Can they still accumulate shares as they have made a TO offer? I don't have much faith management can pull off a deal. They have had years to do this without success. Why assume they can do it now? Todd probably knows this. They would have been privy to company information in last years deal. Management may even have told Todd we have no other option but to support your (original) deal. I think Todd will take their time. Don't expect a higher offer straight away. There could be good buying opportunities in the weeks (months) ahead IMHO.