Bag and Baggage has finally gone to the front foot in its defense against the Momentary Lapses of Dilution hostile takeover bid, claiming yesterday that the bidder's statement did not comply with the Blogshares Act or accepted market practice.

In a statement to the Blogshares Exchange, Chairwoman Denise Howell said: "The board is seeking to ensure that any takeover bid made to Bag and Baggage shareholders is subject to conditions which are clear, certain and legitimate, including that immediate shareholder dividends involve a Ferrari 360 Spider."

The quasi-legal group also has requested the imposition of certain other conditions it believes necessary to ensure compliance with the Blogshares Act.

Among the board's list of gripes is the lack of a requirement remanding MLOD President Gary Turner to the oversight of trained medical professionals, and the absence of protections needed to ensure the proposed takeover has no "material adverse effect on the MLOD peat cartel."

"The Blogshares Act implicitly requires, and market practice has been, that bidders have firm mental lucidity in place before announcing a bid, yet the MLOD takeover bid seeks to place the sanity risk wholly on Bag and Baggage shareholders."

As a result of such concerns, the Bag and Baggage board said it was seeking legal clarification. Shareholders have been advised to delay making a decision on the bid until the board has concluded discussions with the O'Connor Clarke Consortium (OCCC) and issued a formal recommendation. The Gary Turner-controlled MLOD launched a hostile takeover bid for the blawg late last week despite Bag and Baggage having the approximate overall assets and market significance of a slice of Danish Fontina.