The company is worth more since the early notification of approaches. It now has an incursion into the Middle East. Let's face it- this company has a virtual monopoly on its technology, and could go into any country in the world- as I have no doubt the Consortium was aware. The income potential is limitless.
$7.56m bought today- by whom is anyone's guess. Maybe there is still a chance that the other suitor- the rejected one who offered >$2.50, as stated in the scheme book, might sniff around again. Deals could be done all over the place here. As for overhang, I don't think we'll have to worry about that for the immediate future. MQG will be trying to get out with the best possible outcome, which is probably not these prices.
I'm hoping for a bit of a bounce tomorrow. a 30% loss on a company that is mature, has no financial problems, and whose only problem is a jilted suitor, is probably overdone. The offer was pretty lousy anyway- even at an improved level- it was certainly marginal and nowhere near a 30% premium (at a 6 month low, it should have been at a premium the last closing price before the offer came). I would probably agree with the principle of rejection, if it wasn't so costly.
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