It’s a first offer. Any future offers by them will be determined...

It’s a first offer. Any future offers by them will be determined by competition from other bidders if any emerge, what they believe to be a value where they extract enough return to justify the risk they’re taking and how keen they are. Of course people buy things every day because they attach a higher value than the shelf price. The books will now be open to other interested parties and obviously if other parties make competitive bids then an auction has emerged. The whole idea that Ares has come in with their top price from the get go is a ridiculous one. As you’ve pointed out previously, this dog has been beaten down in no small part because of the way it is run. If someone else thinks they can turn it around it is obviously in their interests to pay a value higher than the current SP but up to a price that earns them a good return considering the risks.

Everything has a value and all the scandals will be forgotten when this is broken up. You are naive if you think other parties won’t be sniffing round to feed on this carcass. There may be bumps along the way but Ares won’t simply saunter in and hoover this up at a small premium. The AMP board is not even stupid enough to recommend that, explaining why we’re not at $1.85 yet. Time will tell. I have no emotional attachment to this share and believe a little more patience will pay off.