Market has lost confidence in SYT mgt, it's that simple. BNP and JP Morgan pointed out 2 1/2 years ago that the current mgt was committed to a strategy that was not working, no matter how they dressed it up, and that they weren't interested in listening to other opinions. Monsanto offered a clear and credible exit path for most investors, but again mgt resisted, only in order that they could survive. (The antitrust objection was only ever a smokescreen, and their preferred option of Pioneer was swept away from them). And now mgt is saying that they're talking to everyone in the industry, but that there's no guarantee of a deal. So the market won't price in any premium in anticipation of a deal, until the money is on the table through a formal conditional offer - that's why the share price is more or less tracking the market, even though a deal with Chemchina 'might' be close. To be fair, they have not been able to give any updates recently because they're so close to announcing 2015 financials. However, the boot is on the other foot from middle of next week - if there's no big news next Wednesday, major institutional shareholders will probably act very quickly to replace key board and exec positions.
Gains just in line with market, anything extra likely technical bounce after absorption by market of 2% stake Capital sell in last few days, saying they had lost patience. If nothing about chemchina said when 2015 results are out on next Wednesday, chairman & CEO have probs 24 hrs max to clear their desks ;)