When PMP chairman Ian Fraser received a $253 million takeover offer on Thursday night, it was with a familiar feeling. It is his 11th takeover stoush, and he insists he will not be rushed into a quick decision.

PMP is yet to set a date for its board to formally review the offer, and it is understood chief executive Richard Allely planned to be out of the country for the next few weeks. Defence advisers are yet to be engaged. Ashurst has been giving legal advice.