So the buy bid is now 33.5 and sell is 34.What that means is...

So the buy bid is now 33.5 and sell is 34.

What that means is that you make more by selling on market to another bidder than by accepting the NST offer. NST cannot buy on market other than at 33c, which means that only small ill informed shareholders are going to accept the NST offer now.

NST will know this and probably wait out the current offer, which will aggregate a small increment to their holding or come back with an offer that will satisfy the hedge funds that have frustrated their bid. That negotiation will be happening right now.

In the mean time the hedge funds are in no rush, buying up as near to 33 as they can get to take a 20% profit on their negotiated outcome from which we all benefit.

All small holders need do is, sell on market above (not at) 33c or wait. The key is not to accept NST offer or sell at 33c on market. You would be selling to NST at that price.

My guess is everyone walks away satisfied at 38-43c. Hedge funds dont want or need the last cent and NST are prepared to pay more. Once the hedge fund accepts, all should accept, its over.

I did enjoy the post with the image from Master and Commander “Hold Fast”. It is right on the money.