On the surface this is nothing but a dud deal for RAW...

On the surface this is nothing but a dud deal for RAW shareholders.
And so says the market.
RAW is down from 4.0 pre-bid to 2.8c today.
The share price is falling because there is no better value in the take-over offer.
And a failed take-over accepted by the management means that the management have lost the respect of the shareholders, because of their appalling lack of judgment.
The takeover will not get close to getting up, based on this.
If LKO don't raise their bid materially, this play is over.

If someone took 5% of RAW right now and wanted to spill the board they would get my votes in a real hurry.

And wont the forthcoming RAW AGM be an interesting event.​

Gosouth