All over red rover

I accepted on Friday!

If another bid arrives and Landbridge increase their offer, you still get the upside. But from here, it is just a process. Another bid is unlikely, New Hope sold out on -market and very quickly. They could have lobbed a bid themselves but didn't. They just caved, suddenly and quickly.

If the asset was valuable, NHC would have lobbed a bid. New Hope have nothing going for them now and are hunting for acquisitions. Obviously the Westside asset was not worth the fight.

Worthwhile article below from The Australian: It explains what happened with Senrigan entering the register...

With board recommendation, getting to 90% wont take long

Happy investing boys and girls!

Chinese group wins battle for WestSide

• MATT CHAMBERS
• THE AUSTRALIAN
• JULY 05, 2014 12:00AM

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WESTSIDE Corporation directors have run up the white flag and recommended shareholders accept a $178 million hostile cash bid from private Chinese company Landbridge Group.
Despite a valuable sales agreement to sell coal-seam gas to the Santos-led Gladstone LNG project, Brisbane-based WestSide was unable to drum up a better offer.
And after major shareholder New Hope yesterday confirmed it was selling its 17.7 per cent stake into the Landbridge offer, the board finally conceded defeat to the predator, which now has at least 31 per cent of WestSide.
“WestSide has worked hard to solicit alternative interest, but despite discussions with a number of parties no alternative proposal has been forthcoming,” the company said.
The board still thinks the deal undervalues WestSide but has conceded Landbridge will likely have effective control over the company.
There was some suggestion yesterday that the emergence of US hedge fund Senrigan on the WestSide register as a 7 per cent shareholder could mean a bid was on the way.
But given that an announcement of Senrigan’s holding came before the WestSide board surrendered, it is more likely the hedge fund was late to the party and unaware New Hope was selling shares on Thursday.
Onshore gas takeovers were also progressing on South Australian ground, with DrillSearch declaring its $44m scrip bid for its Cooper Basin neighbour Ambassador Oil and Gas unconditional after last week securing 53 per cent of the target’s shares.
Ambassador is the subject of dual bids from DrillSearch and US shale company Magnum Hunter Resources.
It is also the subject of dual applications to the Takeovers Panel that have resulted in interim orders that no more acceptances for either bid can be processed until further advised by the panel.
Ambassador directors have accepted the DrillSearch bid despite an implied lower premium than the Magnum Hunter offer.
This has been on the basis that it provides them with Australian versus New York listed shares and that the US stock has a higher risk profile.
There was also movement in onshore gas in Victoria, with Lakes Oil, whose biggest shareholder is Gina Rinehart, striking a non-binding deal to supply gas to food manufacturer Simplot, despite a freeze on exploration and production in the state.
Chairman Robert Annells said he had signed a letter of intent with Simplot to supply gas from the conventional Wombat field in Gippsland.
The supply, of which there were no details on price of volume, is subject to a formal gas supply agreement, development of the field and a lifting of the state’s moratorium on onshore gas drilling.