Patersons confident, page-21

Maybe IIN WILL turn around and go up again, in spite of the fact it's just been slam-dunked (with a sizeable gap) on the biggest volume in the last 18 months, and managed to go into bear-market mode during the biggest rally in the history of the ASX. I don't recall too many instances of such a recovery happening though - I DO recall countless instances of such a stock continuing to fall, usually at a fairly steep angle, so I remain happily short. Sometimes they'll rally back up on light volume for a while giving you another chance to get out at a better price, but I wouldn't count on it. I think the current price will look pretty good in a few months.
Re a takeover bid I wouldn't put much faith in that - they're fairly rare and when they do happen word usually leaks out in advance to create a rally up in price - if you see any evidence of a rally you've got better eyesight than I have.