From my investment perspective, which is medium term, I believe...

From my investment perspective, which is medium term, I believe we have the luxury of not having to care about whether we get an offer good enough to sell. If Harbour can't stump up the money, I would expect to be sitting in the same place on a present-value-of-dividends-plus-growth basis within 18 months anyway.

But not everybody has the same horizon. Getting paid out at $7 would provide a very tidy ROI for a lot of holders, and will open up other opportunities.

Keep in mind that if the board recommends the bid then ENN and Hony are required to vote in favour. I believe that many funds and short term traders are increasingly likely to support the deal too at anything from $7 up.

I agree that we're close to the mark now.