I guess it is wait and see who it was and what they say. Seems that most big holders are in for a future takeover - Ellerston capital, AMP, NAB (not sure who they are holding for). Seems quite an suitable register for a takeover with my limited takeover knowledge.
Is 11.75 enough? This co is of high strategic value. Viterra went from about $10 to about $15. I think GNC was still in overhang post cap raise, and short term issues like weather may have had an effect. Maybe for 50% premium you would want $14 to $15. Then again maybe takeover premium is factored in after Viterra etc.
I try to stay away from trading takeovers (especially if I am short). In this case I really am pleased if a takeover is to occur.
GNC Price at posting:
$8.85 Sentiment: ST Buy Disclosure: Held
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