looks like big day, page-16

Youngcouple, the other thing to consider in the event that a takeover was announced is that other companies are free to also bid, so probably prudent not to rush in. A formal takeover will have a period of time in which to accept. Market price may well rise in excess of the bid price if the market expects a counter proposal. Look also to see if the board of the target company support or reject the offer. Lastly, look to see the wording of the takeover offer as it relates to price & conditions - it is always open to the bidder to change conditions or up the price until or unless they state the offer is final.

Given that, I think) over 50% of AQA is held by senior management, their actions regarding the offer are very important. It also means the a 'control premium' may lift the bid price to ensure support of the dominant shareholders. All shareholders must be treated equally in a takeover.