Ann: Target Statement in Response to Drillsearch Offer, page-26

Did you read Magnum's submission to the takeover panel? Even if they get rejected, which I dont think they will, Magnum will still have the highest unconditional bid. We may end up with a slow motion arm wrestle for the remaining stock not in either party's hands. At this stage a 30-35% stake might be Magnum's fall back plan. Given Magnum's deeper pockets I can't see dls trumping that bid.