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05-01-2012, 09:02 AM
Yep but Osaki's offer becomes unconditional once it hits at least 50% level of acceptance, which is pretty easily obtain IMO.
It's also important to note which bid Centaurus is coming from. Did they bid the recent 0.405 surge? If so, there is a strong conviction in pushing for a higher bid. If they traded at the 0.40 and 0.395 bids, then they are merely pushing for a high return-low risk side bet for a higher offer. They might be just betting on transaction cost to push for a higher bid. Don't forget, they have already stood to gain a large amount from their recent 0.315 stake collection prior to Osaki's offer. In other word, they stand at a good risk arbitgeur position for a higher bid from Osaki. E.g. I take $50 from my $1000 unrealised gain to bet for a higher offer. Centaurus is in the position to do that but are you all capable of waiting for so long? 1-2 months for Osaki offer to finalise. 4-5 months for a new offer. Pretty long wait given other cheaper opportunities around.
Just my opinion
*not vested*
It's also important to note which bid Centaurus is coming from. Did they bid the recent 0.405 surge? If so, there is a strong conviction in pushing for a higher bid. If they traded at the 0.40 and 0.395 bids, then they are merely pushing for a high return-low risk side bet for a higher offer. They might be just betting on transaction cost to push for a higher bid. Don't forget, they have already stood to gain a large amount from their recent 0.315 stake collection prior to Osaki's offer. In other word, they stand at a good risk arbitgeur position for a higher bid from Osaki. E.g. I take $50 from my $1000 unrealised gain to bet for a higher offer. Centaurus is in the position to do that but are you all capable of waiting for so long? 1-2 months for Osaki offer to finalise. 4-5 months for a new offer. Pretty long wait given other cheaper opportunities around.
Just my opinion
*not vested*