Although OZL has a pre-bid acceptance from Appian, they can only exercise it 15 business days after the offer opened. I make that around May 2nd or 3rd. Seems to me that is a key date for any possible counter bid because, although OZL have a matching right in the event of a higher bid eventuating, it would also be possible for OZL to merely take Appian's shares at the current offer value and just hold on to them, which would make it impossible for any counter bidder to reach 90% and be able to move to compulsory acquisition. Not a situation either Appian or another bidder would be comfortable with I'm sure.
So I'm expecting that if there is to be another bid it will be in the next fortnight.
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