RE:RE:RE:RE:TTM volumeedx wrote: robnhood wrote: The deal sure does look stinky but if all of CGLD's assets are as good as many seem to think then why is there not a lot more interest from other suitors?
The company's assets were under lien until December and not for sale. Shortly after the liens are lifted the company announces this merger deal with Titan. Think about that for a second...
Then, Keith dissents unless he gets a "go-shop" period of 60 days, which is an absurdly short period of time to try to get a deal done from scratch, but finds one anyways.
Then the Board goes out of their way to kill the alternate deal they never thought Keith would be able to produce in such a short period of time by removing the go-shop clause, increasing the break fee, etc and fires Keith (whatever the actual merit or reasoning behind it).
My interpretation:
BOD continues to defend dodgy deal with Titan that is likely to harm their reputations and continue to smear Keith Piggott for not going along.
Player/manager Keith Piggott hit a fourth inning grand slam to take a commanding lead but BOD plays umpire and calls smash a foul ball (fans at the game thought they heard it called a Chinese home run) and tosses Keith from the game as manager, Acting manager Mark Bailey and other board members then refuse to come back to the plate signing off on an amendment agreement in an attempt to end the game.
BOD incredulously acts like they do not understand due diligence to cover some of their extremely questionable decision making that are apparently to the detriment of shareholders.
BOD continues to pretend Titan merger is at a premium when post merger share structure and convertible debt deals to follow is a total guess between different versions of ugly.
The end.
Newsflash: many shareholders are not buying the bullshit story.
Hopefully, Canadian regulators are sitting down fiduciaries and other individuals who signed the tie up agreements for interviews.