I agree with you that value will not be lost and that there should be a rise in share price if this happens. I agree that logistically NOT and FWR should be a great marriage.

Should is the defining word. What should happen in the stock market and corporate offers/takeovers/mergers often does not. We have all seen this, experienced this and payed for this.

A "repackaged" merger is a nicer term. Unfortunately this has already been pegged by the media as a hostile offer.

There can be 2 camps on this. If the next assays (NOT) are good it is a good deal, if they are not so good it is not, AT THIS TIME.

One concern on yesterdays trading was that NOT lost a little ground on the SP. If this is to be perceived as a good thing why did the market react negatively? There is some nervousness out there and people may want to see some news before they think of merging. FWR is riding up presently based on QUC and the news of KWG and the rail, plus many other factors. NOT is holding, awaiting news that will hopefully place the focus back on it.

But consolidation is what the ROF needs. How consolidation happens is key.

Cheers.

B.