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436 Posts.
162
30/07/20
20:58
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What do we read into 7.3 million shares trading at 92.5 in the 4:10 pm closing auction today?
Iberdrola can’t pay more than 92 without paying all acceptors of the offer the same and UAC is maxed out at 20%.
Presumably someone other than Iberdrola buying who is happy that:
- they won’t be forced to sell at 92 and there is future share price upside under the two new major shareholders; and/or
- Iberdrola will need to up their bid to mop up more shares (or maybe to even achieve 50.1%).
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