My thoughts My back of the envelope calculation.
Because the NOT evaluation report has been issued today Wyloo can now acquire shares.
NOT Outstanding 554,306,976 shares (approx.)
Wyloo = 207,865,166 shares = 37.5%
Baosteel= 30,000000 shares = 5.4%
Wyloo and Baosteel total = 42.9%
They need 50%-42.9%= 7.1% more NOT share for control (50%)
7.1% is approx 39,355,789 shares.
NOT management and directors(including options) total 54,876,383 = 9.9% They must support a better cash offer from anyone.
37.5%+5.4%+9.9%= 52.8%
So if Wyloo bests the BHP offer by even 1 cent they have CONTROL, if no one offers more.
Or if Wyloo and Baosteel or it’s agents can acquired approximately 39.4 million NOT shares on the market. They will have more than 50% which is control without the NOT management shares total 9.9 %.
My conclusion if BHP or anyone else wants control they have offer more and soon!
Any thoughts anyone.