If you look at the share price of SHG it still does not have a premium relative to the QGC offer price when you take into account the 2 alternatives. SHG is trading above the scrip offer which may be putting off acceptances but it isn't trading at a premium relative to cash plus scrip. This was the risk QGC took by providing the two alternatives which in my opinion was a fairly big mistake.
It is also an indication the market thinks there is some chance the takeover may fail and that if it does the share price will fall. (You can conclude this because of the arbitrage available to QGC shareholders if they sell QGC and buy SHG on the open market in order to obtain the cash +sscrip offer.)
Regarding your comments on altria I understand your concerns but if the company is really worth so much more there should have been a superior bid but there hasn't been. There are a lot of synergies between SHG and QGC and a merger makes a lot of sense for both parties. I know it's easy for me to say but the drectors have accepted and they have their own interests as well as the interests of SHG to consider...
SHG Price at posting:
$2.67 Sentiment: Buy Disclosure: Not Held
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