OK, now it gets interesting because LB have declared their 40c offer final and unconditional. In reserving the right to increase this in the event of a higher offer it demonstrates they probably have the ability and inclination to increase their offer. However, if there is no other offer they may well get locked into a minority holding and it puzzles me why they would let this happen.
Would they be happy with say 30% and Board representation? Don't think so.
This is unfolding like a real good game of chess and I suspect we are still in the opening move phase. The next move might well be a second bidder. Fingers crossed.
WCL Price at posting:
40.5¢ Sentiment: None Disclosure: Unspecified
