Pandev, the hedge funds know HanLong was more than willing to fork out 50 cents per share when the spot price was in the $80's (and some dogs like Andy Xie was suggesting it was heading for $50 a tonne when FMG came under attack).
52 cents a share is way too conservative given IO price is now heading for $140/tonne and China will have a bumper year of growth in 2013 driven by massive stimulus.
I am cautiously optimistic that GJ has worked out with the hedge funds to block the 45 cents bid. Otherwise teh SDL board should be lined up and shot (figuratively speaking) in agreeing to the DISHONORING of the original SIA by HL (on an IO price drop - artifically engineered) but has not correspondling request a upwardly revised bid NOW to reflect the IO price recovery ($170 / tonne by June according to the Westpac guru who has been on the money).
SDL Price at posting:
32.0¢ Sentiment: None Disclosure: Held
