silence before the storm, page-4

The market does make some rather odd and conflicting points on the take over offer though.

The price is well below the offer price which indicates that the market doesn't think the offer will go through.

If the market thought the offer was fair value then it would also think it would be approved. If it is seen as under fair value then it makes no sense as why the share price would be under the offer. There doesn't seem to be any reason (that stands up to even a minor amount of logic) for the share price to be where it is.