I don't believe there was ever any chance that the board would accept the initial bid. It was a low-ball, opportunistic offer, designed only to make the next offer seem good in comparison. But coming so close to the end of the financial year it would lack credibility if the board rejected the offer without waiting for at least indicative figures.
So in my opinion:
a) the bid was always going to be rejected,
b) the rejection was always going to come this week.
No insider information needed.
Here is what I believe traders will do:
1) Sell now ahead of the announcement.
2) Wait while sadly disappointed gamblers sell.
3) Start buying again when the volume starts to thin.
4) Keep buying until the improved bid comes.
5) Wait while the joyfully elated less-smart gamblers buy "sure-win" tickets at any cost.
6) Start selling again when the volume starts to fade.
VOC Price at posting:
$3.22 Sentiment: Hold Disclosure: Held
