I will say firstly that I closed my trade for a very small profit cently. I have no idea if I could have made more by holding. However what I do know is taking a profit is never bad when looking at risk reward. It seems the biggest risk is that the bid will take care of the short term debt and refinance the rest with some sort of right issue or placing which would seriously dilute current shareholders. This is happening right now in IAG and has happened many times before. If this is the case there would be little or no premium for the equity. Personally I think this is the most likely scenario but for all who are holding on I hope it's not and wish you the best.
As there's already been an announcement of a potential bid of at least 3bn, which values the company at over 40p per share then any offer would surely have to be at least at that level I'd have thought. Of course all the potential bidders could just back out leaving the SP back in the low 20s or less. My gut feeling is a bid will likely happen at around 40-45 but who knows?!
I'm not sure what you mean by 'they' have been dropping the share price so that they can buy more. If the shares are in demand the shares rise. If not they go down. My guess is that there must be some overhang of stock with sell orders at constantly lower prices for it to keep moving down.
What is perplexing me is that Marstons have had positive reviews and recommendations from top sheets and the majority of brokers and on a day when discounts and lower VAT on food is announced it is now back almost to the lows of the day when normally we'd have a big rise. I can only assument it's general market weakness and big investors simply don't believe pubs and restaurants will recover anytime soon. It's very frustrating but I'm certainly not handing my shares over cheaply!
Usually shares rise on news like this and often come back once the reality hits. We don't even have a sustained bounce. In fact at the time of writing the price is once again pushing down near below 50 again which is a bit odd
Market makers set prices according to supply and demand. They make money from the spread so whether it goes up or down is irrelevant to them. It's been going down because there have higher number of shares sold than bought. It's as simple as that.
It's odd that Mars are off 35% from their high, whereas Wetherspoons are only down 11%. I expected a SP boost before opening day rather than a move down. I used the drop to buy more at 55 though in the hope of a rise in future.