the offer price is not good eough, page-6

Re:

http://www.abc.net.au/news/2014-03-13/leighton-shareholders-to-face-write-downs-of-up-to-2-billion/5318716

If there is any truth to this, the market has not cottoned onto how badly it will damage the balance sheet. Net assets of LEI are $3.2 billion. Writedowns of $2 billion will bring this down to $1.2 billion. That is, more than half of the equity wiped out. It would likely breach debt covenants too. It would make a mockery of the accounts LEI has been filing and the auditors (Deloitte) signing off on them.