Thank you for generalising @Antagonist.The thread that you are...

Thank you for generalising @Antagonist.

The thread that you are commenting on is an announcement where ADT have specifically asserted the change of terms around any future takeover bid.

Why would they be doing that?

Please see the comment two above your initial one on this thread from @binwood and another two above that stating some thoughts around the matter echoed in other threads on HC and by respected investors off this platform also.

Please see the announcement and subsequent thread of 5/12 where SFR have increased their holdings:

https://hotcopper.com.au/threads/ann-sandfire-resources-increase-in-relevant-interest.5117332/

Please see the recent IV with MD Paul Cronin where it is alluded to by both interviewer and interviewee as to an imminent conversation between himself and Karl from SFR as to their intentions following increasing their % in the company by purchasing on market.

https://www.youtube.com/watch?v=iBL3sEhtf_8&feature=emb_title

Please also see another recent IV with Paul below where SFR's increasing stake and potential intentions are discussed at approx 6 mins 15 secs:

https://www.youtube.com/watch?v=aEkZ5BE4iko

Finally, please, I'd be keen for you to share your evidence of what hot money has come and since peeled off of the register?