2.10 hmmmm, page-3

Very interesting situation now emerging ($2.12 close on a down day with very few for sale)...I still hold a reasonable number and although I was hoping for a second offer I had almost given up. But in the last week, the SP appreciation suggests to me that TLW will be almost obliged to up the ante if they wish to succeed. I say that because we know their holding to be very small (what, around 3%), and significant arbitrage players are holding significant volumes. Given the various statements about the exit of instos over the months leading up to the bid, I am a bit perplexed about who is holding the rest.

Nevertheless, I cannot see the bid being successful given where the price has reached unless there is an increase in the offer. Of course as the price creeps up the punters will also get on board and that increases the likelihood of a rise in the offer even more. I am interested in any other views.

regards
DF