Invensys had said it was likely to recommend such an offer, which would represent a 15 percent premium to the stock's close when the announcement was made. A hedge fund manager owning Invensys shares said he still saw a 10-15 percent chance that a rival bidder could come in even after a potential announcement tomorrow, with U.S. rival Emerson the most probable candidate. This investor, who declined to be named because of the sensitivity of the matter, estimated that only around 10 percent of the stock was currently owned by hedge funds. Recent collapsed deals, such as those involving Severn Trent and TNT Express, has prevented some hedge funds from taking large stakes in Invensys.