Most take overs I've seen the entity buys a heap on market first, under the 20% rule then lob an off market bid. The chances of them getting enough shares with a straight out off market bid is unlikely IMO as the sp would shoot straight to the off market bid price. IF the take over entity did that they pay full tote odds if they buy 19% at half their bid price, before they bid, they get it cheaper.
IVZ Price at posting:
8.2¢ Sentiment: Buy Disclosure: Held
