citi m&a + citi research, page-2

It is indeed dodgy Jimmybones.

Citi did the same thing before the bid. They came out with 50c price target, share price went down, Cathay lobbed a bid of 1.70 with Citi as advisers.

Cathay now want to pay less, so....

Citi wait until stock is returned and dust off 50c price target again, share price goes down.

Pretty clear what comes next.