One (or both) of them are buying again today. We are very clear that Mittleman is dead against the takeover, he's prepared to put his money where his mouth is and pay over the $2.22 best case as he believes in a much better outcome for holders.
Another 1.35m shares traded already today and orders for another 375k at $2.35 - 1.95m shares will trigger another From 604 (assuming it's all the one substantial holder buying).
If Spheria and Sethu vote their total 25m shares YES and Mittleman votes 22m NO, it's now 92% of "the rest" (68m votes) needed for Scheme A to get up and 62% for Scheme B. If Spheria are actually voting NO, then Scheme A is already officially dead (with Mittleman they have over 32% of the eligible votes). Scheme B would need Sethu (10m) and around 82% of the remaining 68m.
My tip for what will happen / already happening - Spheria will throw their weight around with the board / BGH to try and influence a higher price. They did something very similar with Prime West last year.
Mittleman are adamant that fair value is closer to $5, so he won't be supporting a new offer of (say) $3 - I presume this is why he's still buying.
VRL Price at posting:
$2.35 Sentiment: Hold Disclosure: Held
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