My guess is an improved Nord bid is coming. They are no doubt trying to engage with CDV to try and work out what they need to do to become the preferred suitor. It's all very well for them to raise their bid but if Shandong continues to match it each time and the board continue to support Shandong then Nord will continue to struggle to get the shares they need. They need to lobby and convince the board that apart from price (that's easy to adjust when and where needed) that their offer to take charge of the company is superior and they and the people important to CDV will be looked after. Perhaps assured jobs in the process. I guarantee that's where CDV management have got to with Shandong. The challenge for Nord is some of the contractual elements that tie CDV management into the Shandong bid and the non competitive bid elements that have been struck. Additionally Nord may be waiting for some clarity on any unresolved TOV outcomes before putting forward their next bid. Something will happen and soon but no doubt a lot of backroom discussions going on at the moment by all parties. Outwit, outplay, outlast. Shandong can outlast due to board support so Nord is focusing on outplay at the moment and we will see what they come up with.
CDV Price at posting:
$1.08 Sentiment: Hold Disclosure: Held
