I am not surprised if the number of bidders for PIH are few, but...

I am not surprised if the number of bidders for PIH are few, but I think they are likely to have deep pockets!

Buying PIH at $4.60 is a entry to BIP at 10% discount.

BIP closed this morning at USD20.98. With the AUD-USD at .9940 prices PIH at AUD5.065. Form a US fund managers point of view, PIH at AUD4.60 converts to BIP at USD19.05! T

There are only two problems for them: the chance that the merger/takeover wont go through and insufficient volume on the offer.

Good luck all.