if anyone is unhappy about this opportunistic offer, the time to act is now.
why? because now MOS needs to take the Scheme Docs to the Court, and get the Court's approval to send the docs out to s/h.
Were the Court to be altered to the issue, I am sure that the Court would be interested to learn that the MOS Board did not disclose the fact that it had been in discussions with AGL since early 2010.
the ASX Listing Rules specifically state that a coy MUST inform the market of price sensitive information, and specifically states thats confidentiality does not get the coy out of their obligation to disclose that info to the market !
Without a doubt, the IER will partly base its "fair and reasonable" argument on the fact that the offer is 90% or so above the then market price.
But of course, the market was not operating in an informed market !!!
And of course, - thats why AGL was able to offer such a low price - and claim that it is such a huge premium to m/price.
If anyone is passionate enough, one would need to front up to the hearing and explain the above to the Court.
cheers
MOS Price at posting:
15.0¢ Sentiment: None Disclosure: Held