bhp approached umc with an offer. not the other way around. if its not good enuff, mngmt should say no.
bhp WILL come back.
bhp are long term strategic thinkers. letting china in now will have huge implications 10-15yrs down the track when the current juniors are collectively shipping over 150mtpa.
back to the bid, sum time ago mngmt offered to remunerate themselves with $1.75 oppies, which means they thought they could at least deliver enough value for them to be in the money at that price.
i seriously doubt mngmt would have a bar of $1.40 hence the week at the discussion table.
well mngmt, its ur time to shine. show us the money.
the first bid may have been $1.40 i am of the belief that the final bid will be over $1.75
time will tell.
UMC Price at posting:
91.0¢ Sentiment: LT Buy Disclosure: Held
