Looking at CAJ and IDX's share price reaction over the last few...

Looking at CAJ and IDX's share price reaction over the last few days, I got  a feeling this takeover is not going to eventuate. By making a move for IDX, it had the potential to kill 3 birds with 1 stone.

First Bird
- IDX's share price would pounce post the announcement.
- It created an opportunity to realise gains for some holders.

Second Bird
- CAJ's share price would slide post the announcement.
- It created an opportunity to top up before the juicy half year report.

Third Bird
- The 11 x EBITDA price tag was a move to scare away other suitors.

Disclaimer: All my personal opinion. Don't take it too seriously.