This whole takeover looks odd, buying the whole 20% on market...

This whole takeover looks odd, buying the whole 20% on market very quickly at a 40+% premium price to 20c where it was a few days before.

This stock is so thinly traded that it is already like an unlisted asset for them as there is no chance for them to sell on market.

They have made the unconditional takeover offer before any financial results or future guidance are released. They cant now withdraw or reduce the offer if poor results are released.

I noticed that some other buyer placed a few 5 mil buy orders in market ahead of the bidder at 28c, they will be filled first before the bidder gets any.

The market action today shows the market is expecting an increased offer.

I expect that directors/management will release some positive outlook/commentary, negotiate their positions post takeover, then recommend an increased offer.

As the bidder already has 20% holding, it reduces the chance of an alternative bidder emerging.