What are the rules regarding DLS matching bid? Do they get to match only once?
If so, you'd think Hunter would have a two-stage process in mind. First step, flush out matching bid. Second, put real offer on the table.
A cash offer would be infinitely more attractive...and would see the share price instantly move to the offer price.
If there was a rumour of a 38 cent cash offer, however, you'd think it would have been reflected in the shareprice today, at least hitting the implied value of Magnum offer (34 cents eq.)
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