SXY 0.00% $4.60 senex energy limited

Ann: Improved POSCO proposal and intention to recommend, page-132

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    or the obvious one, it's a market and $4.45 reflects a reasonable price of the deal going ahead for an arb buyer or a seller to take profits and avoid the risk of the deal falling over by vote. Certainly the price isn't giving much likelihood of another bidder.
 
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