Of course Agria would like a much higher price, but the rules for business acquisitions have changed.
https://www.tvnz.co.nz/one-news/new-...vid-19-fallout
"A new emergency notification regime will mean the Government needed to be notified of certain investments with a controlling stake in an existing business or business assets. The Government would then "consider whether they are contrary to New Zealand's national interest". If it decides it goes against national interests, the Government can impose conditions or block the transaction."
If BAIC make a bid and are refused under a national interest test, then Agria may end up accepting a much lower price for their stake than is available on the market today. They may have to place their stake among multiple institutions at a discount. I wonder if that is why David Cushing sold out early? Cushing is far too canny to miss out on an easy profit. Perhaps he foresaw the government stamping on a potential takeover deal as a significant risk?
SNOOPY