The game is now truly afoot, that's the arbitrage game.
NXT has its 92,032,648 shares iceberg/floor at their stated $1.87. Above that solid price will be where the half cents will be made and lost. 360 may well be the largest and most watched player here. After all they made the $1.80 bid, and will instruct their traders of any further offer thereby secretly creating a higher sp floor from which to nicely fit in a higher offer.
Specialists in M&A arbitrage will monitor where every share came from and to whom.
This start in no way takes into account a third player. I speculate that 360 can even facilitate a "hostile" bidder by: a) concealing their identity while buying on their behalf; b) using their current (and growing?) position to, once a t/0 sp is achieved, sell off-market to a third party at an agreed price.
Further, arb specialists all over (NB: Europe is not open while the US is still sleeping) are lining up possible cloud buyers who will pay MORE. A whisper here will go far.
Two things are certain, 1.87 floor, and NO reason/urgency to take up the offer.
OV
AJD Price at posting:
$1.88 Sentiment: Buy Disclosure: Held
