Ann: TOV: Ambassador Oil and Gas Ltd 02 Panel Declines to Conduct, page-3

Nothing new as far as I can see...just a restatement of the Takeover Panel Decision.

The supplementary bidders statement from Magnum had a few interesting points:
- Sale Facility might not go ahead (i.e. for people who want to sell their Magnum shares)
- Magnum have offered to reverse peoples' acceptances. Which suggests they are well and truly out of the game.

Either way, DLS is so far ahead in $ value that the Magnum offer is redundant. The two options are to:
- accept the DLS offer
- or keep your shares and hope for further market rises in the share price. Given stake that Mistubishi now have, and the prices they have been paying, DLS will have a difficult getting to the point where they can compulsorily acquire shares. But if DLS are going to play the long-game, DLS will let their bid lapse and mop up the rest slowly. In the meantime, I would expect the AQO share price to languish, as it is only this high because of the DLS offer, which expires 27th August.

I now plan to accept the DLS offer.

Unfortunately, all the parties to this deal - DLS, AQO directors, Magnum - have come out of this looking a little shonky/incompetent. It hasn't been the greatest advertisement as to the quality of corporate governance in Oz, although the Takeover Panel did step up when they needed to.