we are a takeover target, page-7

Conglin withdrawing the proposal is the same as the company rejecting the price... not much difference.
Management did the right thing after all it is Nick Shead who struck the sensational deal with BMG he knows what is in the best interest of shareholders.
Conglin was paying in the fifties for shares just last week so he know its worth more its just that he wanted the whole company on favourable terms.
Also he knows if he went hostile and launched a bid it would fail at his price and take to long hence drill results etc and independent valuations blowing his price out of the water.
Good opportuity to buy more