I am not surprised the share price has equalled the bid price - its Cooke that has bid the price up with an extra $20m or 2% of the float. But they still dont own the remaining 87%. A lot of the float would be illiquid, but I am sure they're disappointed they don't have more.
To my mind, that's the market saying "We're expecting a higher bid to come".
Management aren't supporting the current bid, so any takeover will need to be hostile it seems. I hope - and expect - that if Cooke start getting more shares, then Management may look to open up the process and seek additional bids.
If Tassal is going to get taken over, then i would hope Management puts Tassal on the market to Australian investors or even the Norwegians to get shareholders the highest price.
TGR Price at posting:
$4.85 Sentiment: Buy Disclosure: Held
