It's a very weak takeover price I think...not even 10% over Friday's close price. I think they will have trouble getting 90% of etr's shares with that price.
ANZ has made a cash offer of $4.05 per share. Why is etrade current price action around $4.25? Who is buying stock at that price when the likelihood is they will be required to sell to ANZ at $4.05?
Caledonia Investments has a 12% stake in Etrade and it says it won't be selling its shares at $4.05. Also IWL has taken a small strategic stake (not yet 5%) and may be looking at making its own offer for Etrade.
I'd say $5 would get most people to sell, it's a good asset but the problem with getting someone else to take it over is ANZ's 34% shareholding, they seem happy to sit on their shareholding if they don't get all of Etrade, so I'm not sure of IWL's strategy