So in the end, it appears it all came down to senior execs/board keeping their jobs, as we had suspected.
The main misjudgment here from AH and the CAJ Board was how hard and low the IDX Board would strain to torpedo the deal despite the economic merits. It's cost both companies $10M+ in total which is a huge amount given their NPATs.
Should some heads roll after we read the "abnormals" line in the FY report?
Ann: No Extension or Increase to the Takeover Offer for Integral, page-3
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