Ann: Investor Roadshow Presentation, page-75

This is why I believe Stokes would prefer a TO of DLS. His inv in BPt dollar wise was a lot more than DLS. DLS share holders would struggle to see the value other than synergies which although significant not enough. I doubt stokes invested so much in these two companies to extract synergies. If BPT take out DLS , at some stage in the future he can take out BPT and wrap up nexus assets together. Very hard to take over both together and I think very hard to convince DLS shareholders to merge without a decent premium. I think 70-80 cents is were a deal will be done and I truly believe Cole coming back to BPT is for this purpose . Like the Roc / HZN proposed merger , even if a merger is proposed , a real bidder could emerge to take out the more valuable company .
My only thought is do I buy more in preparation for what I expect . I think the market would still approve a merger by rearing both by 10-15% but the true ST upside for DLS is a TO.