I think we can reasonably assume there won't be a rival bidder. Stock going through at 40c means L/B is increasing its stake in WCL. If a rival bidder was going to emerge (and assuming at the minimum that it wanted control of WCL by obtaining 50.1%), you would think that it would have done so by now rather than allow L/B to increase its stake in WCL.
Looking at it optimistically I guess there are still over 75% of WCL shares not owned by L/B so a rival bidder could still show its hand. However if a rival bidder wanted to get to own 90% of WCL and then be able to proceed to compulsory acquisition of 100% of WCL, the chances are remote unless L/B was willing to entertain a price attractive enough for them to sell their 23% stake in WCL. Alternatively a Scheme of Arrangement would be the only other avenue open to a rival bidder to acquire 100% of WCL.
Still hoping for a better offer though.
WCL Price at posting:
40.0¢ Sentiment: Hold Disclosure: Held
