Up to 78c today, so the market is slowly warming to PHG's...

Up to 78c today, so the market is slowly warming to PHG's takeover bid for VEI.

But its still at a 12% discount to the indicative takeover price.

That suggests that the market thinks either of the following:

1) The takeover will not succeed and PHG will not increase its bid;
OR
2) There will be no overbidder emerging....ie no one else wants VEI;
OR
3) The market values PHG at a price lower than its current level of 56c. (That view may change after PHG issues its full year results at the end July)