Ann: Variation of Takeover Bid, Extension of Offe, page-8

re: Ann: Variation of Takeover Bid, Extension... Hi all, long time reader of these forums, but first time poster...

My thoughts are that PEAM and Citic and/or Posco are talking to each other about a higher bid.

It doesn't make sense for them to increase the offer period to encourage more acceptances. I think those MCC shareholders who are going to accept are only not accepting because we're waiting for Citic/someone else to come up with a counterbid. If PEAM had left the acceptance date at 27-Sep, in the absence of a better offer we would have accepted before that time. Pushing back the acceptance date just means these shareholders will simply wait until then to accept the bid.

Instead, pushing it back, to me, indicates that PEAM are talking to Citic about the possibility of raising the bid and picking up the whole outstanding shareholding in one go.