Quote Originally Posted by BlackPeter View Post
Sure are agreements between bidders and targets common, but remind me when was the last time you have seen the recipient of a low ball offer to commit themselves to recommend the offer to their shareholders (subject to penalties)?

Interesting to note that the reverse break fee is smaller than the break fee ...

Exclusivity clause: I'd call it a legal straightjacket for the board ... with loopholes limited to what the directors are legally obliged to do anyway ...

Just wondering what really enticed the board to sign this agreement ... how can they still claim to work in the best interest of the shareholders? Unless they know that the company is that run down that $2.90 is a good offer - do they?
Maybe not run down ....but maybe the realisation that where they (and super optimistic shareholders) want to get to is going to be long hard struggle with no guarantee of success

Been touting the business around for a while without success until CITIC came along so maybe the directors (and major shareholders) have in the best interests of shareholders recommended to accept this offer.

I doubt the share price would have got to $3 for a while on its own ....and if all this turns to custard and no deal found then $2 is likely