The only problem now is if the institutions took the Gammon offer because it was more money, they still need to turn the stock into money. I have never done DD on Gammon, just on TMM. But we will find out who was dressing up their pig more in the next few weeks. If a lot of CGC shareholders do not like Gammon, there should be a nasty correction in the GAM share price in the next few weeks or so. Especially if their Q1 figures are not as strong as their Q4 numbers.
I am a little nervous of the TMM figures as well. They had fantastic numbers, but my accounting skills are a little weak and cannot always spot the different ways that a company can inflate its numbers for a quarter. We will see in May whether TMM was doing a little creative accounting to make their numbers look better than they were or whether they come up with follow up numbers for Q1 that are just as good or better than Q4. I suspect that there was a little bit of creative accounting, but the numbers will still look good enough to make TMM look underpriced.
We will find out in about a month.

Bob