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The story as I understand it: despite what Corrigan said today about airline over-capacity, Patrick Corp (PRK) is likely to announce a full (and quasi-hostile) takeover of Virgin Blue (VBA).
I'm told that the Corporate Finance has alrady been done, and the takeover offer price is likely to be above $2.20 (last on VBA: $2.07).
PRK are weighing their options as to whether or not to pull the trigger, and the likely timing for an announcement is sometime this week.
Also, there's no guarantee that the takeover will be "peaceful"; Patrick's management is apparently not pleased at the direction VBA is being taken, but VBA's board obviously don't think that badly of themselves.
There has been on-again, off-again speculation about this possibility for a while, but this is the first genuine, concrete information that I've heard.
