I think the 3.70 levels were a result of speculation of a second or third bid eventuating. As time passes the probability of a bidding war decreases relative to before, so the SP weights back towards the 3.50 level. Its notable that the SP remains above the KKR bid amount, despite the real risk of the bid being withdrawn.
VOC Price at posting:
$3.55 Sentiment: None Disclosure: Held