3.35pm, page-5

goodaye Westhx,
yep that would be the conventional wisdom.
but I recall AMP did the same and called their offer "final" (i think for AXA) but then proceeded to raise their price.

the issue seems to be thaqt AGL has NOT made an "Offer".ie a FORMAL Offer under the takeovers code.
it has only made a "Proposal".
the takeover will be by way of a Scheme of Arrangement.

So i don't know at what stage the proposed offer price is deemed to be "final".

but I am sure that if a competitor entered the fray, that AGL would up the price.
Also, if the hedge funds wanted a higher price, AGL would increase the bid by a few cents - because it wants MOS for the QGC contract - which is why those funds are greenmailing now.

cheers