Firstly... the patterns 'you have noticed' are pretty much stock standard 'TO plays for dummies 101'... hardly ground-breaking. Everyone punting on TO plays hopes for the old adage of 'the first offer is never the last offer'.
Nevertheless secondly... back to LNK and it's inept management and the several TO plays in recent past.
In short none of the offers in the several previous TO plays (including the north of $5.5) were 'the first offer', there was always another competing bid, however everyone of them fizzled out and the SP rightly tanked with them... and now we've see LNK a shell of it's former self (no PXA, other assets being sold off) and at historic lows.
The only one's that made any money out of the several failed TO attempts, were the ST/MT traders/investors and fundies selling into the strength.
Some might even say the previous bids were 'faux' by design.
It must also be noted that many of the above holders saying the current offer is too low and not to agree to it... said the exact same thing at the north of $5.5 bid and every offer and decreasing tranche below.
LNK Price at posting:
$2.20 Sentiment: None Disclosure: Not Held
