Market Likes Insto Take Up of MLB

You can tell a quiet area of Hot Copper when the stock jumps 11% in one day and no one comments.

Looks like the market appreciates the almost complete insto take up of MLB's new shares (for instos), even though the share discount to recent trading price was tiny by any measure.

MLB shares have been doing well in a slow, almost methodical, way over the past nine months that I've held them. But even with Wednesday's 11% jump they remain below consensus. Consensus target price is currently $2.65 based on four brokers, all with target prices above the current price. And those target prices don't incorporate the accretive value of this acquisition.