Part of the extraordinary conditions the so-called UMC board allowed for this deal was that BHP was given the right - yes, the RIGHT - to match any counter offer.
Basically if anyone else bid, BHP would match it and the new bidder would lose out - and with that would go all the costs of mounting such a bid.
The only way we can get a new bid is if this deal is voted down - that opens the way for a new bidder to put in an offer and actually win - or - to the benefit of the shareholders - at least push the price up (Hang on! Isn't that what the board is supposed to do?), or make some money for themselves by later selling to a higher bid.
My NO vote is in.
Good luck to all and DYOR
UMC Price at posting:
$1.29 Sentiment: Buy Disclosure: Held