Sometimes the price traded reveals a lot if you just think a bit harder about it. Generally, when a company do a G.O., it will trade close to but slightly lower than the G.O. price. That is usually the case as many shareholders or traders do not want to wait till the actual "last day" to wait for submission and then wait some more for monies to be paid back to their accounts.
Then there are the more volatile G.O., usually in deeper and more developed markets, where a G.O. signals a tussle for control. Maybe one or two other parties are also interested to wrest control and ownership, and in those cases the price would immediately spike up much higher than the G.O. - technically speaking the same person/entity declaring the G.O. cannot go into the market to buy at higher prices than the G.O. as then the same person/entity would have to raise the G.O. to the highest price purchased after declaring the G.O.
So, what's happening to Astro? Are some substantial shareholder buying more shares out there to thwart the G.O., hoping to extract a better price? Maybe. You can derail a G.O. if acceptances does not get to a certain level.
A more cynical person might think that AK may be doing a Maxis-dejavu again, i.e. he has a final end buyer for Astro shares at a much higher price, maybe RM4.60 or RM4.80???
Which is which? In my view, somebody is very keen to buy Astro shares AFTER the G.O. announcement. In just reading the tape, this is not the final story to Astro being privatise - there is something else.
What do you think?