as soon as the downgrade , earnings guidance removed and...

as soon as the downgrade , earnings guidance removed and dividend removed, then of course CBA and AMP immediately sell.
typical of funds.- they were after the income/distribution.

Now as to value, hey the value is extremely good down here, so yes takeover predators must be loving the opportunity.
They aren't in it for the income/distribution, they are in it for the assets

so two large groups at play, the buyer of course will soak up the seller as he wants all the shares, whereas the seller will dump holding asap (note all shares of co versus say 5-8%).

If the sellers are finished the buyer will go slower now to soak all there is down low and slowly accumulate to his target level....I'd guess it would be something like 20c based on current action. They will blow her off to get traders in and out and create volume to accumulate more stock....

and the market going south only helps them get the assets and stock cheaper and faster.

don't be surprised to see VPG over 9c by end of day again today....