The Investor - Moneyweb's monthly investment magazine Issue 6 | Page 19

Education lays the golden egg Typically when a takeover bid with a hefty offer price is taken off the table, the share price of the target company retreats. (Curro’s offer was at a premium of about 42% to Advtech’s 30-day weighted average price.) In this case though, Advtech’s shares, which had rallied about 16% from the day of the expression of interest to the eventual withdrawal of the offer, held firm. A number of theories can explain this unusual phenomenon. First, investors might be still considering Advtech to be in play as a target. This could be in the form of revised offer from Curro or