I'm not sure what you are looking for regarding liquidity. I think we may have a misunderstanding here. I mean are you going to look at the number of shares on the bid & ask on CBA and tell me it's not liquid because of that? It's not that simple. No stock on all the ASX has traded over $130m worth today, so you would be an unhappy camper whatever companies shares were offered on that basis. No company on the ASX could handle $130m worth of new shares suddenly getting sold at or near market price, so you may have set your bar a little high.
Top $ value traded today so far for the record.
https://www.investopedia.com/terms/l/liquidity.asp:
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In terms of investments, equities as a class are among the most liquid assets. But not all equities are created equal when it comes to liquidity. Some shares trade more actively than others on stock exchanges, meaning there is more of a market for them—they attract greater, more consistent interest from traders and investors, in other words. These liquid stocks are usually identifiable by their daily volume, which can number millions of shares, or even hundreds of millions.
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When we talk about stock being "illiquid", it's to do with them not trading or having any active interest, meaning buyers & sellers can't agree on a price, it has less to do with how many bids or asks are sitting there visible in the queue. RMS has no such problems, with trades regularly going through at a daily value that typically dwarfs what SPX trades. If you have a larger position it is always going to take time to exit. Not on the level of liquidity of the big ASX 200 companies of course, but still a lot more liquid than SPX has typically been. Can we stop with this silly conversation about liquidity yet? I thinks it's really a non-argument and not really a factor in whether this is a decent offer or not, in fact I'd argue probably one of the least of our concerns.
Oh and you are saying you have over $4m invested in SPX? Very very nice, not sure why you are wasting your time talking to me if that's the case. Seriously, you should be out enjoying the sun or something if you aren't. I know I wouldn't be here if I had access to those sort of funds.
Don't get me wrong though, if I wanted RMS I would've bought into them too and I'd much prefer a scrip offer than what is largely a share for share offer. Especially given the lacklustre response of the RMS share price today. I've seen worse offers but I've seen much better. I do think SPX can do better, but I can understand why they think the deal is a fair one from their perspective.
(20min delay)