Grant - first, I'm sure PDN won't withdraw their offer - they badly want SMM and all its assets. They are far more likely to make at least one improved bid once the dust settles and they weigh up how many SMM shareholders weakened on the first offer.
Second, SMM has a LOT more upside in it yet, in its own right, regardless of PDN's takeover bid. Both on resources, and on Qld policy changes, etc etc.
Third - Dines has SMM as a HOLD. He did suggest profit taking when it was briefly $5.12, but after that newsletter went to press, SMM rejected the offer and the price went down, so he changed his recommendation to HOLD. He thinks PDN will make a better offer, too.
SMM currently heading north as I write this, with PDN in lockstep at the offer ratio of 2.04:1
This could get very interesting over the next couple of weeks, methinks..... ;)
SMM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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