The interesting thing is that Lazard continued to sell on market...

The interesting thing is that Lazard continued to sell on market 56 M ITO shares after the CPPIB offer on 15 July. If they had held off selling their return might have been greater, provided ITO management agreed to the offer. Why didn't they? The difference between market price and offer is only about 5c. But then there is the possibility of a slightly higher offer. On the other hand Lazard might perhaps be considering the offer as a windfall as they were already prepared to sell on market at ~$1.10. In addition they still have 179 M shares anyway. I'm not sure that anything specific can be inferred.

Juke