mfs preopen, page-28

Hi, I don't think the AFR article mentions the reason for the sell down.
All it says (as far as I could read for free) was that a cash "sweetener" would be required to seal the offer from CIY. But that is just the normal part of making a deal to merge/buyout a company. In this case the directors seem to have worked out something already, and an "offer" document has been produced - apparently. That points to an agreeement in principle.
Maybe further into the AFR article it mentions another reason but I did not see that far. Someone else with a subscription might read the whole article and post a summary here.
Anyway the plus thing is that the "analysts" seem to think MFS may be worth more (rather than less) than CIY are offering. I think the whole deal is based on consolidating debt and isolating the two companies from any credit worries in the future.
The run on the stock might be another matter I am working on finding out the truth of.
Cya