yes I would be surprised if cc wont reduce the bid however there is still a off chance of $5 depending upon ifl management and if they stand firm with their consideration. it is obvious from the announcement that they will be making offer so they are happy with due diligence. the next step is securing funding. Bain I believe unable to secure funding due to market circumstances. I had a quick look at their finance position and the balance sheet is not that great and they are pursuing other transactions as well. so the announcement about their withdrawal due to current market circumstances is believable. regardless even if it reduced by 10% to $4.5 or $4.6. its a decent gain from todays share price $3.5. it is difficult to tell whether the market action is due to factoring in no transaction or manipulated by bidder to get as many before transactions. the volume is still not that large so fingers crossed.at current share price risk is pretty low though.
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