apa takeover proposal, page-5

With the HDF price now 8 cents above the APA takeover price, acceptances would be near zero. The market seems absolutely certain that a higher bid is coming.

The share price of HDF is now in what was a congestion period in a downtrend in 2008. In other words, there would be many holders who have been going nowhere for three years. One would think they would be happy to bail out now at break-even (less 3 year lost-opportunity costs), but volume is low.

About 62% of HDF is held by super and other funds. Many super funds are hurting badly and would be very happy to cash out at break-even. But they don't appear to be doing so. It looks very interesting.