Gidday This is only what I think... They have about 70% and will give everyone who accepts an additional 1.5% ($16 vs $16.25)if they end up with 90%.
It seems to be a take it or leave it offer, they now control the board & could suspend dividends causing the demand from other buyers to dry up & creep their shareholding up thru the 80's% over the next few years.
The share price could fall to $12 after the offer closes short, or in a few years they could be offering $20 a share.
Didn't shed much light!
MCC Price at posting:
$16.22 Sentiment: None Disclosure: Held
