goodaye Anthony, whatever happens, Arrow will want 100%. so it has to get beyond 90% in any t/o, so that it can compulsorily acquire the balance. otherwise it needs to go to a Scheme of Arrangement eg ESG.
IF they get directors recommendation, then they will go for a Scheme.
so they will try to get consensus with Arrow. given that, the chance of an increase is high imho.
IF they go hostile with a bid, even on market, they run the risk of being left without 100%, and maybe even in a minority position.
your mention of instos holding is spot on - i think the instos would sell into an on-market bid, and take the quick profit.
but the trend seems to be a Scheme.
the other thing you point to is the Directors holding- that plus a few loyal s/h would stop Arrow from getting to 90% anyway.
cheers
BOW Price at posting:
$1.44 Sentiment: None Disclosure: Held
