end of the road: offer is final

Rio has sold out, sorry to hear that there won't be a higher offer.

http://www.asx.com.au/asxpdf/20131101/pdf/42kl6zvyxkpzb6.pdf

For those who took 23c or 24.5c on-market (anything higher than 22c and covered the brokerage. Good on you. I took 23c ages ago, with a view of an unlikely higher offer.

Regardless, of the end game for Inova, my view is that:
1. Expect a board reshuffle with weeks, if not days. Shanxi nominees to take majority of the board.
2. I expect a swamp of acceptances coming in to Shanxi, esp. ones from instos
3. Inova can still remain listed once the offer ends without further extensions, but remember low liquity (just look at YAL and NGF), OR it could be a fully owned subsidiary of Shanxi.

My view: I would focus on other M&A opportunities, and the ones I'm looking at are BPT/COE, PNA/Glencore, and BTR. Good luck all.