Good question as to when a new bid may emerge. From my understanding, given the takeover offer expired in early August last year, they can now either lodge another takeover offer or continue to creep at 3% every 6 months. If they go the creep option they will have to disclose and the volumes they will want will inevitably push up the share price. If they go the bid route, I suspect it will be low ball in the 30 c range. They won't complete the takeover as Kesselman and others (including me) won't accept, but it may still be in their interests if they pick up another 5%. Having said that, it's difficult to know the appetite of existing holders to get out at a low ball price. In any case, the current price is well below true value, so best to sit tight unless a higher than expected bid emerges.
PGR Price at posting:
28.5¢ Sentiment: Buy Disclosure: Held
