GREY:PGDIF - Post by User
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Oregonduckon Aug 14, 2018 2:01pm
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Post# 28458436
Waiting for Godot??
Waiting for Godot??“Let's go." "We can't." "Why not?" "We're waiting for Godot.”
Samuel Beckett,
Waiting for Godot A White Knight has not appeared because of the friendly nature of the deal signed by Management with DeBeers. I do feel for shareholders as this appears a "takeunder" based on valuation metrics. - The Ontario Court has given the papal blessing to the Plan of Arrangement.
- PGD has signed a lockup agreement with DeBeers with a $5 million break fee. It has less than $2 million cash on hand.
- No shopping around for a better unsolicited deal while the takeover is in progress.
- No data room entry for a White Knight who will have to bid blind.
- DeBeers wil destroy all proprietorship data once a hostile bid is launched.
- No Early Warning Report. A hostile bidder must make a filing once it crosses the 5% threshold on stock accumulation if a takeover is already in progress.
- Time is running out. Management has 15 days to respond to any hostile bidder.