Bought more IGO today, actually, I increased my holdings about 135% and quite happy with where this is sitting. SIR finished on its daily high with good volume, shorters maybe not wanting to hold over the weekend in case another suitor comes out in the finance pages probably.
The reality is SIR shareholders won't vote to accept a deal which does not leave them better off and any further slide in the IGO SP will risk it being voted down. If I was a large company looking to take out SIR with a cash bid I would be shorting IGO like there is no tomorrow to make my competitors bid look well under fair value for a friendly acquisition.
Looking forward to July when the bidding gets serious, or should I say, Sirius.
