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gself have you ever seen a stock sell for 60% less in administration than amount of an active takeover bid? That's what it will take for shareholders to receive zero, it seems illogical - unless you care to explain how, and give a precedent.

I can see risk in some disclosure that hasn't been made, but figure due diligence would have factored that in (if not, the bid could be withdrawn). So perhaps it comes down to a crisis of confidence, people have a lot of faith in Michelmore's ability to screw this up, even with all the ducks lined up. Not that I would call it all the ducks lined up, it's still an opportunistic offer that is fairly average to holders. Very few would hold below the takeover bid price, it traded for less than two weeks below this level.