I know you were probably just throwing that thought out there... but If that were the plan though, to withdraw the offer, and dump the price back to the previous market SP, I'm not sure what the whole point of the exercise in making the off-market buyback in the first places was?
In making the bid they have already bought 14m shares today - roughly 4.5% of SOI - at 33% premium to last close... if there plan was to pick up their remaining 8% required at the previous close later for a couple of % less, they would have just been better accumulating on market further in the first place as they've now paid a 33% premium on 4.5% of the shares to save a couple of % for the remaining 8%. I'm guessing also, that anyone who hasn't already sold this morning at $22 isn't going to sell tomorrow at $14.
Once the documents have been dispatched it is required to remain open for a month at least.
From the company announcement there appears to be time to sit on your hands and think about it and get the expert opinion from the IBC. Although as many have mentioned here... these guys are on the board so not sure whether can expect an improvement there. They require roughly 37m shares (12% SOI) to reach their 90% to compulsorily acquire. They've got 14m today so far but I'm guessing volume will slow as they reach the hold outs. It's unlikely that if they compulsorily acquire it will be less than the offer price (my guess).
In summary... I'm not sure why they would make an offer today and pay a 33% today to acquire 4-5% if they weren't going to follow through on the last 7-8% and risk not achieving their goal. Just my thoughts anyway.
P.s. as an aside I personally had a price target of $23.50. I've given them a discount and put a SELL in for $22.90. We'll see if they want them at that reasonable price
