Higher than 8c. Depending on exactly how the takeover offer is...

Higher than 8c. Depending on exactly how the takeover offer is taken out, potentially much higher. But it could take a couple of weeks for the profit takes to wash out.

1. Pfizer and ResApp see the writing on the wall and quietly ditch the process: relatively muted support holding near the current level. Somewhere between 10c and 15c
2. Expert report finds the offer too low: support based on whether the export offers a fair value estimate, and how much that is.
3. Narrow defeat by shareholders: support based on the expectation of an incremental takeover. Maybe around 13c to 16c.
4. Crushing defeat by shareholders: support based on knowledge of tightly held register, high expectations of future performance, and understanding that future takeover offers would have to be pitched very much higher. Maybe approaching 20c, but this outcome is likely to produce significant swings driven by cycles of euphoric optimism and equally euphoric profiteering.