You could be right in the near short term, but it's dangerous. You will be highly exposed to a potential-positive media catalyst not knowing what Richmont is going to do (unless one knows of Richmont's ability or bluff to finance a bid). And, not yet hearing what incoming Sheri has to say.
With Friday approaching if not want to hold this short. City would never rescind their offer this week or next having just held a shareholder meeting this week to discuss it. The probability of an raised offer or another offer is more likely for the next 7 business days. As such I'd expect this to rise into the weekend