Well - I have no idea about the legal aspects TBH, but if the ANZ custodians were to delicately imply that the deal could be more palatable if those resignations were to occur, then I imagine that could provide a significant motivation to play along. Kelaher et al could still go through legal action to maintain their suitability to be custodians (or whatever the terminology would be), even if they did resign for the benefit of the business, I suspect. They just wouldn't have the satisfaction/vindication of maintaining their positions.
Ann: Update on the ANZ P&I business transaction, page-5
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