I don’t know the full history of twiggys buy in price just the last move he made to get to the 19.9. If ubs were really accumulating for him (can they do that??) think the price would be higher by now.
I just don’t think twiggy nor Gina will offer much more as they are both in a strange position. AGO has the potential to add strategic value to either business, but at this point there is no evidence (that either are prepared to disclose) suggest the value it adds to either “core” business warrants an outright bidding war between the two. Hence we are seeing all these half arsed offers, one upmanship, and blocking stakes.
Gina has deeper pockets than twiggy. Twiggy by announcing a blocking stake imo showed weakness, and he wasn’t clear where this was going for fmg. Gina saw this so just made a move. Twiggy is sitting here mulling his limited options. Personally I think he will end up selling to Gina. His blocking stake is meaningless as soon as she gets to 50% and I think she will get there at 5cps. Twiggy may have deep pockets but pursuing this any further without clear outcomes is probably a bit rich for him
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