The people buying may not be buying for a 3c profit but it is nice to know that the 3c profit is there as a floor price for them.
I must admit that I am still surprised at the very big volumes being done at 1.265 and 1.27.
I would have thought that anyone who was going to opt out would have done so in the first few days after the offer. If you were happy to take a lesser offer because you wanted to use the cash why would you wait a week or two.
Still, I can't help but think BHP are buyers - why wouldn't they be? They are picking the stock up a couple of cents cheaper and building a position that when things get towards the business end they can come out and say, we have x% which might induce others to say the game is up and take the offer.
Sure, they may not be posting substantial shareholder notices but lets face it, there are many ways to skin a cat.
Anyway, it is all interesting. I might be right or wrong with my hypotheses but time will tell.
My bet is still on a revised offer that is only slightly higher (say $1.40) being successful.
UMC Price at posting:
$1.27 Sentiment: None Disclosure: Not Held
