U r right, Bestworld, volume is not low. It was low until the big Q to buy emerged at 26.5. Then people threw shares at the buyer and the day ended with 16.9 million shares done.
The fascinating question now is, was it Mr Tung who was queueing to buy at 26.5, so close to takeover price of 27?
Or was it a Big Fish who thinks he can accumulate at 26.5 and deny Mr Tung the 90% stake that he (Mr Tung) badly needs? Mr Tung needs to achieve 90% in order to do compulsory acquisition of remaining 10% & delist Time Watch for a re-listing in HK.
If it's Big Fish, then look out for Big Fight coming ......and Mr Tung has to up the offer price to quickly capture 90%.
I wish to add that it's entirely possible that it is Mr Tung who has been queueing to buy at 26.5, and not a Rival Suitor.
Who knows for sure at this moment?
Starting from 62%, Mr Tung does have a long way to go to accumulate 90%. If the market doesnt think he can make it, he will have to improve his 27-c offer substantially.
No announcement on changes in interest so far....this is getting interesting. I think BBs may push the price above 27c very soon if they really want to block the exit.
If you look at Time Watch's AR, you can see that the shareholding is very fragmented, which means Mr Tung has to buy from many many small holders. This makes his effort quite challenging and it's going to be a fight in the open market.
