Back in the White Night Days Its funny to come back to this board after a bit and see all the Hulot nonsense.
I was in touch with a hedge fund manager who was close to Concordia management in the days of "strategic review" where PE and alternative deals were being considered by CXR management. I heard from this HF manager, that Thomson turned down a $50 PE takeover deal back in those days, and also a private pref equity issuance to a private investor fell apart. This is just what I heard, take it or leave it, but it certainly lines up well with the whole sequence of events in mid-2016.
Hulot multiple analyst reports, "trying" to project cash flows have come out and said, debt interest payments and short-term obligations will consume 100% of operating CF...no money to reinvest in the business, no money to pay stakeholders EXCEPT debt holders...you say "cash flow machine" doesn't matter if the CF is 100% consumed, not to mention the annual CF is projected to DEPRECIATE over the next few years...unless something fundamentally changes this company.
As always do your own DD, this is all JMO with references to analyst's attempted projections
Wheels