-->Peter Snodgrass
Unlike you to have a sloppy post.
"According to the rumours any bid must have been a minimum of over £5 which was IMHO where the price would have gone."
Of course the price would go towards a bid price. The MM's aren't going to give away free money. So is the rumour a guess? If its only a rumour can I start one and say the bid was for 222p?
"Assuming the rumours were true it confirms.." so it's now a confirmed rumour?
"...that the net asset value was calculated to be more than double the present price!" That's a huge leap in the dark. Do you any shred of evidence?
-->freelance
Approaches happen regularly - perhaps in a pub over lunch. Often the CEO just says sod off to the offeror. Sometimes the CEO says I'll take it to the Board if it seems to be plausible and formalised and they tell the offeror to sod off. Offerors usually like an agreed bid so if the company says no then it ends there. No need to tell shareholders. You pay them to manage your business. If the company want to put some heat under the stock then it will leak (which is naughty bit) the approach bid into the market which helpfully indicates to the offeror what the company would like to be taken out at. Bid approaches can be part of the tactics of negotiating a licensing deal. "You want how much in milestones? It would be cheaper to buy you."
I think that an FD that sold stock at 220p would have bitten off the hand that offered 500p plus a share. As my opinion I conclude there was no such 500p plus offer.
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