News: UNV Universal Coal Responds To Terracom Announcement, page-3

A quick read through the newsletters of 2 of our larger insto investors, being Harvest Lane and Sandon capital gives me comfort that they will not sell into this bid.
Both are or have been taking stands about what they see as unfair takeover practises designed to get companies on the cheap.
Apsec is another fund I don't see accepting, they had plenty of opportunity to sell into the depth when there were other offers around, they didn't so can not see them folding here.I would also lump PIE funds into the same basket, especially as they would be selling for a loss, indeed anybody who has bought in the last 2 years would be selling for a loss.
Maple leaf holdings have been there from the start, why would they sell now?, you would have to think the same could be said for the directors and employee holdings.
That lot in total account for around 17% of the total shares on issue, or around 90 million shares.
Given the magical number for 75% is around 391 million shares, they still need approx. 110 million shares to get there, assuming the above 90 million shares stay firm and given there are still around 240 million shares not committed to the bid yet, that means 240 million- 90 million firm shares [hopefully], outstanding not committed is 130 million shares, they need 110 million of these to accept their crappy offer, so nearly 85% of these shares need to accept into the bid for them to get to 75%.
Given all that has gone on around this bid, indeed its on hold at the moment, I don't see a way for them to get to 75%,
remember this bid is worse than the CZA bid all those years ago, they offered 20 cents cash and one share,
ask yourselves this , are we a better company now than where we were then??