Paddyboy - I think that analysts will be careful before recommending this stock, as in many cases of acquisitions the acquirer overpays. (IMO SBM may be one of these cases.) Once the due diligence has been completed, you would expect the stock to be rerated, and the SP to rise, based on the expected synergies, better combined management team, higher visibility due to market cap etc.
Also profits takers who were in IGR will be having an affect on the SLR SP, as the performance of the two stocks is now linked.
So as you allude to, there may be sellers who were factoring in a likely takeover offer eventually.
Re Macquarie no longer being a subst holder - they don't appear to have sold many, so must have been just barely over the line.
I hope I am right - but looks like a great buy to me - even some minor softness in the POG can be accomodated.
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