According to AFR part of the sales documents for prospective...

According to AFR part of the sales documents for prospective buyers of Imed was describing that IDX would make a good acquisition to add to the Imed business.

Clearly the talks with the board of IDX wasn’t delivering an agreement to merge. In a few months once the Imed sale was complete the buyer would then try to add on IDX and with more money and a much bigger company CAJ wouldn’t be able to compete, so it was now or never.

Now it is all in the open and all the shareholders of IDX know about the proposed merger, not just the board, so maybe they will put pressure on the board and a merger will happen, rather than a hostile takeover?