SNSN schreef op 17 juni 2014 12:10:
[...]
First actual objective news.... Then evaluation of (objective) improved financials, their possible (expected) positive performance impact, etc... And then actual (objective) results as a confirmation of expectations. All these together could smoothly (step by step - “diffusion process“) unlock the fair value for kpn, which is around ~4.0.
Of course, take-over rumors may in some extent destabilize (and speed it up) the “diffusion” process... increasing the volatility, as real take-over attempts are not yet priced in.... As for the imaginary CS “offer” (actually synthetic option), it was a trivial tactical play to partially unlock kpn value ... compensating for the lack of actual performance improvements (CS knew well that the kpn performance can’t be improved too fast.., and in any case it could not be done within the 2013 horizon)