Getting interesting now as to how this plays out...
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BABL is close to building up a 10% blocking stake - means Agria will have no option to deal with BABL and the two potential Australian bidders (Elders & Ruralco) are locked out at this stage.
Be very surprising if informal discussions or approaches are not taking place.
Nobody pays $2.75 (20% above market) for a non-controlling stake.
So they have got their blocking stake which puts BABL in pole position to gain control - just needs to buy Agria's stake of 44% and make a full takeover bid.
Meanwhile, they seem happy to keep accumulating at under $2.75 which means that they can accumulate another 7m shares before they hit the 20% ceiling.
We looked forward to something like this happening.
Now that it is I find I have mixed feelings.
Thought I had found a solid company with the capacity to keep paying me great diviies.
If we do get taken over, I guess I will find somewhere else for the funds.
Should be plenty of bargains around in a few months.