MS (Morgan Stanley) have acquired a sufficient holding to require a substantial holder notice, 5.08% . the 0.08 is significant as far as reporting goes, if that .08% hadn't been bought they would be still under the radar and all their transactions back to early October would be undisclosed to the plebs. In other words, the 0.08 could even be a slip-up or it could be a flag. If it is a flag, then there is obviously a need to advertise and that advertising would be to alternative suitors and the fact they are advertising indicates insufficient suitors are known. Insufficient can mean zero.
The holding is mostly classed as friendly as MS would like to take the profit from whatever outcome best suits them and at the moment that means GIR joining Atlas.
The average price paid by MS is far enough below current market that they can also use it to manipulate the price within a certain range, which is something they are very experienced at.
Why point all this out ?
The basic concept of GIR joining Atlas is unchanged and the economics are established, there is enough benefit for everyone except the last blood drop squeezers, to be satisfied that without further intervention, the deal will go through as it was announced. AGO now is even at a premium over the conversion price which is another windfall for GIR holders, and something that MS may take advantage of as they exit.
Any volatility that occurs in the SP before or after will largely be due to machinations of the likes of MS playing with the amount of profit they can squeeze for themselves over a short time frame.
In short, the MS holding is an opportunistic trading holding that really only poses a threat to anyone who falls for their games.
imho MS know exactly what they doing in this particular sandpit.
ifandwhen
GIR Price at posting:
$4.75 Sentiment: Hold Disclosure: Not Held
