Spec - BPT already hold 4.5% of DLS - ad to that stokes 20% and already they're already a quarter of the way there - another bidder would have to contend with that and the offer would have to be well over 85c (something more like $1) and still they would have to contend with 7 & Bpt anyway..
Ann: Presentation - Recommended Merger of Beach and Drillsearch, page-29
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