Ann: Spotless lodges Target's Statement - REJECT Downer Offer, page-16

Agreed. Accepting the bid and not being able to sell on market with the uncertainty at the moment isn't a great move. I intend to wait for at least a week or two to see how the institutional acceptances go. If the big insto holders really want to exit at $1.15 they will accept into the offer quickly to help build momentum (you can bet UBS will be hassling them to do this). I'll make a call then. Hopefully momentum will help close the gap towards $1.15 anyway and might be possible to get out above $1.11-1.12 and remove all uncertainty