I would say potentially all 3, depends on where you coming from. BUY if you believe in the co being bought. Try to get shares cheap. HOLD if you have shares and have a LT view on this deal. SELL if you want to lock in your profits. Problem with LAB is that they have not been over 30c very much in the last 5 years. Thus, everyone that bought during this time is sitting on some decent profits. So, why would they not want to sell now and lock in profits. Keep in mind that there is R325million of debt. This needs to be financed. Also, if BEE shareholders come in at 150c, there is always the risk that they might not keep their head above water if the share price doesn't work in their favour. PS: I find it very confusing how a co that has not traded very much over 30c the last 5 years can issue shares at 150c. Sounds like a scam to me.