It goes to show that the efficient market hypothesis doesnt...

It goes to show that the efficient market hypothesis doesnt work....it states that all known info will be factored into stock prices immediately....Well the offer is on the table - yes, I know, it is non binding - but the offer of $1.42 is on the table and the market is yet to close out the price gap between $1.42 and the current price of around $1.15.

Money for jam here. There is a 23% profit waiting to picked up by buying at $1.15 for example and expecting to sell at $1.42. This strategy doesn't even entertain the idea of bids going in excess of $1.42.

Two bidders could turn into 3 or even 4 - you just never know.

Declaration: I hold. I played the same game with CWK earlier this year. Bought in at 80 cents and sold out at $1.01 on the back of a takeover offer.