Ann: Emeco Purchases US$52.3m of 144A Bonds, page-4

Whatever the game being played is, certainly the major shareholders First Samuel (16.9%) and Black Crane Asia Opportunities Fund (who's been buying throughout the year reaching 14.9% now) will both benefit from Emeco's takeover.  They opposed the Rentco deal; then they came with their own merger proposal with Orionstone which ended up being rejected by the Board. What will be next? Let's wait and see.

Financial Review
First Samuel, Black Crane back Emeco merger proposal
Sarah Thompson; Anthony Macdonald; Jake Mitchell
Emeco's two biggest shareholders have called on their company's board to pursue a merger with Advent Private Capital-backed Orionstone, saying it would be in the benefit of all shareholders.
In a letter to Emeco chairman Alec Brennan and managing director Ken Lewsey, First Samuel chief investment officer Dennison Hambling said his firm could see "compelling logic" in Orionstone's scrip-based merger proposal.
"We urge Emeco to fully engage with Orionstone and its advisors to swiftly finalise terms, absent a clearly better proposal for shareholders," Hambling wrote in the later dated April 8.
"Provided satisfactory terms with Orionstone can be achieved, and absent a clearly better proposal for shareholders, First Samuel intends to support a merger of Orionstone and Emeco."
Melbourne-based First Samuel has a 17 per cent stake in Emeco.
Fellow shareholder Black Crane Capital, which has a 7 per cent stake, also wrote to Emeco's chairman on Wednesday.
Black Crane managing partner Peter Kennan told Emeco's directors industry consolidation was desirable given the market conditions.
"A merger with Orionstone has the potential to create significant value for shareholders whilst reducing risk," Kennan said in his letter.
"The merged group will result in a stronger and more efficient industry player."
The two shareholders also reiterated their objection to Emeco's earlier deal with Rentco.
Orionstone approached Emeco with the nil-premium merger proposal on Tuesday night. Orionstone reckons a merged company would have made $326 million in sale for the year to December 31 and made $93 million in earnings before interest, tax, depreciation and amortisation, excluding synergies.
Cost synergies were estimated to be worth another $34 million a year.
Emeco said it was considering a number of opportunities, including Orionstone's proposal.