The Board of TAP wouldn't worry about whether you and I are likely to hold or sell but they would make it their business to know where the sentiments of the largest shareholders lay.
I have no idea of the numbers in regard to Tap but it could be that the top 20 shareholders own 60% of the shares so the Board would be familiar with the intention of those s/h. But plenty of times some of the large s/h will surprise the Board and accept the takeover offer. Some of the largest s/h could be fund managers and they must put their fund investors interests first.
TAP Price at posting:
39.0¢ Sentiment: Hold Disclosure: Held
