That type of announcement means they have agreed something behind closed doors.....and that the price probably needs to be pushed down either for an offer or Seplat buying as much as possible today at a discounted price
BOM might have 6.5mil shares today but you have no idea what its subsidiary banks hold....they could be short....You can never get a full picture just because they had to report it.
Afren at the moment is not a stock that is traded by news or financials at the moment. I am not here to say buy or sell....I just wanted to give my opinion to some of the less experienced traders, as my background was a financial investment broker. This price, or prices over the last few weeks has been maintained by the investment banks, they have enough money to short and buy to maintain levels in their interest or their clients' interests, do not be fooled that average buyers or shorters are affecting this price at all! All the forms submitted due to large trades you can verify they are shorting when necessary and buying when necessary to maintain the price within a fixed price range....until they decide to release the stock you either join the ride or stay out. I don't think its necessary to say that they will find out the news way before any investor about the merger and have their positions corrected before the price has time to change, options will make sure of that....this is an opinion, but believe me I use to sit in these institutions....