Ann: GEM: GEM to make a takeover offer of AFJ at a 29.6% premium, page-5

Offering a 29% premium on yesterday's close is meaningless... the SP would have rebounded anyway today and the premium would have looked silly.

I was expecting GEM to make a serious offer around the 0.95-1.05 range or offer a 3 for 1 share swap with its own shares.

The ball is now firmly in AFJ's hands and they can knock down the offer and continue business as usual while GEM would start to sweat as they have 16% in their competitor's company under their competitor's management.

What do you guys think of the developments so far? How will this play out?