It doesn't change the fact the SLC was incredibly undervalued at that price. The takeover bid just woke people up from sleeping. Even before the takeover bid the fair value estimates were much ahead of where the share price was. The fact they reported well (which was no surprise) helped that a lot too. Since the acquisition has been rejected the share price should have dropped back to where it was, but it hasn't which is obvious that the underlying fundamentals of SLC have improved over the last 2 or so years, and the SP is just catching up.
I didn't say trying the takeover tactic from ABB was irrational. For ABB acquiring SLC shares for low intrinsic value is a good thing (which I've said). The only irrational thing to do would be to entertain a 95c takeover bid as a "way out", and of course it wasn't considered so things continue on.
FWIW I hold both ABB and SLC. I was buying SLC heavily between 65-75c (you can see in my post history) because it was obvious how cheap it was at that time. I am happy holding both for now.
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