The big changes in pricing are IMO because of Instos who were...

The big changes in pricing are IMO because of Instos who were doing ratio trades and had bought up STO as the undervalued party in the ratio and selling WDS. Now to reverse the transaction and extricate themselves they are doing the reverse and paying the price and are getting crunched by upcoming div ( WDS actually pays a decent one and STO may depending on status if they distribute some of PNG selldown funds - I expect that next time) . Some of these trades will unwind with options as well when series close at quarter as some instos will have partially hedged their poor ratio trades or sellers locked in profits

Best look at prices in April and see where it all lands after Divs assuming WDS don't do a hostile offer - stupidity if they did but if STO keeps a falling it may be too juicy not to have another go. Gallagher at STO wants out so unfortunately for STO holders he may be more agreeable to discussions that a CEO would normally be IMO. downward

Like the last 4 months I don't see that the relative market movements represent where the companies would have been if the offer was not on table and see WDS get all the stuff they have acquired fully settled in and the whole industry gets a uplift with not being in govt spotlight I hope.

PNG prime Minister in Canberra - can read that any way but at least he isn't in China!!