Running commentary, page-50

SP in "interesting" territory now.

It has overshot the Offer from Westfarmers by 6 cents. Expectations that there will be some competition among potential suitors and that some revised offers will com in from Westfarmers or Sigma Health.

So maybe some danger that those will not materialise if API rejects the Westfarmers bid.

Will a rejection of the Westfarmers offer lower the SP or will it fuel more expectations from investors that a much higher offer will come about?

Shareholders have been lucky so far with the recent SP rise. I think an SP of 1.40-1.50 is a fair price anyway and API has been undervalued for some time. Let's hope the market also believes that.

Westfarmers - if they are serious - will come back with an improved offer I think. Next month or so could prover very elightening.