takeover, page-51

it is possible the change in substantial holding will come after close of day

If the rumors are true and it is indeed IHA who have taken the stock off BT capital then it is a no brainer that ultimately IHA would be taking control of ISU - hopefully in an amicable manner. Street talk of AFR is generally a little too close to the mark...

They have easily dropped 40mil on this holding becoming the 19.99% holder at bugger all prices. For them a $2 offer for ISU is really a $1.7 offer. it would price competitors out of market and would make all the sub holders very happy and get their approval easily. If they try to do a cheapie - they risk another party upping the ante and they wouldnt be able to block it without getting into a bidding war which may play out.

IHA would want ISU even at a perceived premium as their synergies would easily justify paying a premium compared to say an investment house who would only want to cut costs and flip it in 2 yrs. if the price is too high they wouldn't be able to get their 200% return in 2 yrs.

if they bugger around twidling their thumb - ISU will revert back to its glory days of 50c and there by spoiling the party for IHA - least likely scenario.

Considering they acquired their shares in multiple block sales (5mil over 23rd-24th april, 5mil, 5mil, 15mil and possibly 1.6mil yesterday again) - we should see an offer lobbed in by the end of the week.