Future of AVZ is Fantastic, page-106

The risk is that there is no takeover. Or that any interested party holds the share price here and offers less than expected.

If a TO was a certainty (which it is not even if some here suggest it is - I think it's likely but that's not the same) then we would be trading at 18-19c waiting for the 20c offer.

This is still a risk/reward game and a lot of people in the spec end of the market aren't prepared for this.