RE: UPDATE...TAKEOVER BIDIt's worth keeping in mind that if Gammon loses then they really haven't lost anything and Timmins hasn't won anything. It's simply a stalemate. Gammon could increase their offer and call for another vote. And the CGC board could continue to keep any Timmins offer from being voted on. You would think though that CGC board members will be getting nervous about possible shareholder lawsuits if this continues to drag on.
I would guess that many of the CGC small shareholders will look to the best offer even if it means holding their noses and voting Gammon. They're probably planning on dumping the Gammon shares once they get their hands on it to eliminate the risk. Shorting Gammon if they win might be a good strategy.