Ann: DOW: Presentation - Offer for Spotless & equity raising, page-55

The last similar takeover of an ASX200 entity saw the target - Covermore (CVO) - jump on the opening of trading post the announcement to be priced at a 2.5% discount to the offer price at the end of the day. SPO is currently trading at an 8% discount to the offer price. I reckon there will be a late afternoon buying spree by the big guys.
The current discount to offer price is too large. Something closer to 3% is probably where it should finish at this early stage of the bid process.
Just my thoughts.