Surely their stake would have to be on the top 20 by now given the volumes we have seen? I would expect that something has to be disclosed by the end of the week. Assuming that there is something to disclose, of course.
Realistically if someone wanted ITC then having shares to launch a counter offer is always useful... About 100 Million or so have been traded since the 22nd of November an yet we have not seen anything to indicate a single buyer. Timing would very much be the key, something that for the Beach offer we have plenty of to consider it.
So maybe it is a heap of speculators that are taking a punt of a counter offer (seems a lil to risky for my liking that anyone would use that strategy). Given that yes they would still gain should no counter offer come but only a small amount from 8.2cents. Cash isnt expected to arrive till April there would be far better opportunities to consider imo.
VPE's annoucement was that they were considering the offer made by Beach - So what their plans are at this stage we have no idea... As with any other company that would want to buy ITC.
The other idea I thought of was maybe someone is playing with the market trying to just spark it to rise in anticipation of a counter offer and then they intend to dump on the high. Again seems like a poor strategy to take but then each to their own i guess.
With this one I think you either take a chance that someone will enter the bidding and we have a price war on our hands (An risk that no one will come and you'll be waiting for the cash to come in April)... or you exit taking 8.2cents (a nice profit id imagine for most), be happy with what you have made and dont look back at what could have been.
For now, I choose to wait, see and roll the dice of risk!
ITC Price at posting:
8.3¢ Sentiment: Hold Disclosure: Held
