I actually think that most people will forget that Wah Nam even...

I actually think that most people will forget that Wah Nam even have an open offer once the FMG deal gets announced. It will just blend into the background and continue to get the same "should shrug" response from shareholders.

By persisting with a "paper only" offer, all WN are doing is confirming to most that they have no ability to raise the cash to play with the big boys. Until they offer "money" instead of "pulp" they will continue to need to extend the offer. They are essentially offering nothing for BRM and until they put something on the table I expect the extensions will continue.

In a strange way the futility of the bid is actually creating more investment certainty as it becomes more and more unlikely WN will ever succeed.