I don't think that there will be any legal precedent for the takeover panel to grant APA their wish. To do so, would create a precedent that they might not want to later follow.
Sounds like some greedy US hedge funds were trying to milk every last sent out of the deal and were then caught napping at deadline time. That, or they assumed that hedge funds owned more of Qantas than they actually do, APA would have got past 50%, and they would have had another two weeks to milk some more cash out of the deal. Looks like good old fashion greed has bought these people undone.
For the takeover panel to grant permission for the bid to continue would, as I say, create a legal precedent that they would probably not want to follow in future. If the did grant permission, it would also be open to appeal. Leading to months of uncertaintly for shareholders etc. In my un-educated and un-informed opinion, APA will be told, "sorry boys, close but a deadline is just that" by the takeover panel. They may then go away and lick their wounds before coming back again at a later date. The panel must act in this manner to bring the whole dragged out process to an end.
Dame Margret will have to fall on her sword. It should also be stated the future bidders should also actually buy some shares in the company prior to trying to take it over.Making the bid final so early in the peice was a big mistake on APA's behalf. Gave them no room to woo some of the holdout shareholders that may have been bought for a further ten or twenty cents.Then they would have had 100% control.
Huge cash incentives to board members and senior executives from bidders should also come under close scrutiny in future.
In my opinion, the failure of this bid is a blessing for Qantas as a company. It should now press on and do what it does best. Deliver people to the far reaches in the safest manner possible.
