takeover price, page-39

I wouldn't get too serious about using SP movements to assess the offer; just about every t/o announcement sees the bidder's SP go down and the target's go up. This is normal. What we need to await is the target's Part B statement which will set out, inter alia, the "fair value" for OSH. Only then will the shareholders of both companies know where the value in the t/o lies.

I believe its a low ball offer, but then again OSH has a mountain of debt and operates in what could be described as a high sovereign risk jurisdiction. We are at the start of the beginning.............