What happens if I don't accept?, page-15

No its not. There is an order for circa 25M shares on the board right now - that's 15% of the company. That's likely a CIMIC order trying to mop up on the market, and suggests there is that short fall in acceptances.

It aint over till the fat lady sings - she's still in the dressing room.

Two things to consider IF compulsory acquisition is NOT achieved:
1. CIMIC may delist UGL, so there will be no public market for your shares should you wish to exit. CIMIC may provide a "permanent" share buying facility, but its unlikely that would be at any better price than the original offer. Companies in similar situations in the past have let the minority holding be and offered an enhanced buy-out later - typically 2 or 3 years later. Divvies may or may not keep flowing, dependent on the CIMIC director's views.

2. The minority shareholdings are tradeable on a still listed UGL. This has typically been whats happened other times as listed or not, the parent company still needs to provide the same information on an ongoing basis. Keeping it listed makes it easier for shareholders to eventually sell into the market (dominated by CIMIC buys).

I'm letting my shares ride - the opportunity cost is worth the risk with a minority holding and an enhanced buy back price later.