I've made some great TO arb trades previously in exactly these type of situations. In fact I'd argue this might be shaping up as the best one yet as there was 0 premium offered and we are trading just above the offer price. Recent good news on recoveries and a firming copper price just add weight to what a steal this is. Just came across this on DJ newswires:
Morgans says a resource upgrade at Finders's Lerokis copper deposit in Indonesia adds to its view that a takeover offer by the miner's major shareholders is too low. Finders last week raised its Lerokis mineral resource estimation by around a third to 2.92 million tons of ore grading 2.8% copper. Morgans lifts its price target by 3.3% to A$0.31/share in response, well above the A$0.23/share bid by the Eastern Field Developments consortium comprising Provident Minerals and PT Saratoga. "We view the bid as opportunistic and do not believe it adequately reflects the value of the company," the bull says. Finders last traded at A$0.24. ([email protected]; @dwinningWSJ)
FND Price at posting:
24.0¢ Sentiment: Buy Disclosure: Held
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