There is a buy order for 9 million shares at $1.29 (well there sren't that many sellers).
Now, why would hedge funds try to make 1 cents (1 seventh of 1%) when IOH went up this morning 7% after yesterday massive gains.
If the hedge funds are smart (it doesn' take Einstein to work it out) they will hold the stock and vote NO. My knowledge of HEDGE funds is that tehy are not in the business in making guaranteed miniscule 1 cents type gains. They take risks and bring to their clients massive rewards.
The market immediate reaction is that deal is a sell-out bargain-basement give-away dud that share holders wouldn't have a piece of.
Then the SP will go through the roof.
UMC Price at posting:
$1.29 Sentiment: Buy Disclosure: Held
