I don't pretend to know the full spiderweb of strategy here with AVZ's just yet.
There is capping and accumulation by whom of course we can't be sure but its probably a significant player/s. Hence if all 6 or 3 depending on their relationships, bid, it would be fiscally suicidal for them to accumulate even a SOA 75%. There's also swallowing up close-to-Klaus-Dathomir-the-facilitator's 10% JV share, maybe we will see that go first before the bigger AVZ slice (getting paperwork stamped for road sealing might be prelude).
I don't know what all that above means accumulation-wise off-hand for rest of "players". There's also probably the realisation by "players 01-06" (easily gleaned by Airguide arm around an ICBC manager's shoulder & BOOM securities) that not only HuaYou but maybe AirGuide and its network have a strategy to defeat any aggressive takeover. Hence,
The need to have discreet bidding at meetings rather than on-market. Otherwise why would AirGuide claim 50 cent minimum when we are not there yet on market? They know what it will take to take the 75% pie at very least. This is why AirGuide keeps saying sit back and relax, will be "extremely pleased" they can see several moves ahead how it will play out. HuaYou look to be the backup as they have put their neck out publicly with ambition and shareholder expectation sky-high.
AVZ Price at posting:
25.0¢ Sentiment: Buy Disclosure: Held