According to the UK takeover rules:
They have until 5.00 pm to say 'Yes' or 'No'. (The rules don't have an option to clam up and say nothing.)
If they say 'No' then they cant bid for the target for 6mths.
If they want to say 'No' and still want the option to bid if someone else bids first - then according to the rules, they have to apply to the takeover panel for that exception (and/or others) weeks before the announcement date (today). - (We should have been told about that, and besides, if they asked for that the panel would say no anyway. "What a stupid thing to ask for! Put up or shut up.")
Maybe harlee is right about how they operate and they are haggling over the price with major holders?
update, page-6
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Last
1.1¢ |
Change
-0.001(8.33%) |
Mkt cap ! $16.22M | |||
| Open | High | Low | Value | Volume |
| 1.1¢ | 1.2¢ | 1.1¢ | $74.56K | 6.766M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 15 | 8692572 | 1.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 1.1¢ | 96483 | 1 |
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| EXT (ASX) Chart |