re: Ann: ADE: Beach declares its offer price ... BPT now holds around 65% and the offer remains open for another month. Declaring it final shuts up some of the talk that a higher price will come along, as this cements the 20c ceiling till after this offer closes.
My guess is we will see an ongoing trickle of a percent or two per day, unless there is a big down day across the board, when we might see some extra take up.
If the market is in the same range or lower come the close date, I expect we'll get to over 90%. If the market is up strongly, we might take longer to get there.
Holding ADE on the 23rd becomes pretty risky, the price could easily drop 20%-30% when BPT stops buying, with no liquidity and about to get a new board amenable to Beach.
If I held ADE, I'd be pleased with the 40% spike, but a little annoyed that the future potential of the company was sold out.
It's a risk we have here with BPT too. The last thing I want is to see this get taken over for $2 a share, I reckon it to be a $20 stock (yes, $20b mkt cap) in 5 years.
Fortunately, Reg seems to be a cannier operator than the ADE management.
- do your own research, don't take the word of some message board poster -
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