no I think that would be illegal (which does not necessarily mean it's not happening). Any agreement, even if informal or enforceable would mean they (legally) need to disclose a substantial holding.
Anyhoo someone is buying and I don't really care who. I imagine it's a bunch of higher wealth entities arbitraging the current price vs the takeover price but who it is irrelevant.
I am genuinely surprised RCF is not doing it as they would have the resources and could make some coin. Then again let's say you buy $10m worth, the arbitrage is on roughly $600k and there is still a chance of the bid falling over. maybe it does not meet their risk criteria?
I bet we have all done the quick numbers of what we can afford to buy with our dry powder and worked out what can get via the arbitrage. I personally don't have enough lying around to make it worthwhile after brokerage given we would need to wait to nearly end of year to get it back.
NWC Price at posting:
4.8¢ Sentiment: Buy Disclosure: Held
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