Genuine question. Can someone explain to me what the hedge funds' strategy is at this stage?
How would they make more money by not accepting yesterday and then accepting within the next 2 weeks? They've already bought their holdings at a certain price, and the $5.45 offer from APA is fixed by law for the next 2 weeks, so what difference does it make when they accept? Unless they believe the share price will be higher than $5.45 in the next 2 weeks and they sell on market, which most would have to think would be highly unlikely.
DA, I can see what you're saying if for instance if APA get 70.0001%, the bid goes unconditional and then the hedge funds can squeeze APA for all they're worth. But when the price is fixed at $5.45 until that time, I just don't quite get what their motives might be.
Cheers