The announcement doesn't specify whether they will proceed with...

The announcement doesn't specify whether they will proceed with the demerger. The takeover bid was conditional on the demerger but the demerger was not conditional on anything.

If they proceed with the demerger, it will show that they really believed that separation would be good for business. If they do not proceed, it will show that their comments about economies of scale and so on were just hot air, and that the intended separation was simply an artifice to enable the Blackstone bid to go ahead.

Regardless of whether AMA stays together or separates, a dividend should now be payable, which is positive.

At today's prices, AMA should be a great buy, unless you worry about a Board which brought about this situation. This episode has been a long time in preparation, a lot of effort has been wasted and 25% has been wiped off the value of the company. Thanks guys.