Basket case, page-16

Eyes I think you have pointed out one of the major issues. Neither Gill nor Short have any significant shareholdings in MEL and by far the majority of Henderson's holdings are performance issues. Benefits from his annual salary currently outweighs the performance of his holdings. Berry is the only Board member with "skin in the game". So the interests of the Board are not necessarily aligned with the rest of the holders.

It might also be different if the Board was trying to carry shareholders, but they have adopted an approach where they don't even see a need to give shareholders any information on the merger. And have emphasised their intention to avoid a shareholder vote.