Redeye is raising its Base Case for Opus to SEK 9.50, based on an expectation of a sweetened bid from Searchlight, which has ‘only’ acquired 84% with its initial bid (SEK 8.50 per share). The outcome in the Q4 report was weak, but the case is now primarily a bidding war and the drama centres on the interest (and the price) for achieving a 90% stake. We anticipate a higher bid, in due course. (This is an English translation of our update published earlier on February 24)