Not sure on that last statement Strange... certainly think the offer is BS, but even a BS proposal to cause a rocket on the floor of the SP would have cost UAC a material amount of money - probably not a loss for them yet though.
assuming $0.20 profit per share x 124 million shares = $24.8 million in profit... less the borrowing rate for 28 million shares on swap with credit swisse... so at least 19.2 million profit for them less costs incurred so far.
Amazed that they haven't actually got a bidders statement yet... would have thought there would be some legal time frames on these processes.
IFN Price at posting:
82.0¢ Sentiment: Buy Disclosure: Held
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