The offer is considered a friendly offer and as such it would not have been made without the approval of the 27% holder (Soul Pattison) and the Board has unanimously approved the offer so it would be fair to say Soul Pattison is supportive of the offer.
In regards management appointments, the Chairman has the final say on the CEO appointment and sometimes the Board has a say on executives where they are included in the D&O insurance cover (i.e GC, CFO, CRO etc). The rest of the management team are usually the responsibility of the Executive team.
If Soul Pattison wanted a greater piece of action they would be better served equity or debt funding TPG for the buyout. I think that was what you meant and if that's the case, I agree. Exercising any convertibles or unissued capital would be flushed out in the due diligence and takeover statement submitted to the ACCC.
Holding SP is probably a good place to be in this one. Good job.
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