Absolutely. And they have disclaimers all over the term sheet that allow them to buy as much, or as little, as they want.
My bet is Ramelius, especially if they are getting the impression that they can’t dislodge the Westgold-Karora deal. Even if they don’t get the 10% (or a bit more) of Spartan, surely it’s worth having a few cards at the table.
And if the bidder is prepared to pay 89 cents to grab up to 10%, what are they prepared to pay for control? Generally it’s at least 30% more to call the shots, which is going to be expensive. But if you already own 5-10% of the equity, at least you’re not paying a premium on that…
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