RE:RE:RE:RE:Don't the 2/3 Matter!Maxmoe wrote: I noticed VanEck funds for example have a large position here but they also have a large position in BTO. They probably are prohibited from flipping into BTO because that would put them over 10%. Nice problem to have.
I would also point out that if the valuation is as cheap as the screamers here insist ( and I agree) the hedgy arb funds will get involved with the objective of forcing a higher bid. 20% upside from their entry point is a good score. Just like the HBC bid . I held past the eventual capitulation and big bid increase. So now, watch for the BTO pumpers to get more active here. Watch for the SBB bashers to try and scare retail into either selling or voting yes. Same social media team will push the we don't have a say, or a no vote is pointless, blah,blah,blah. I'm expecting at least one more bid. Important to remember, there are large blocks of stock not allowed to bid because they are not "disinterested " in the bid. So maybe we'll see a white knight bid from abx or aem, but we may also see a higher bid if someone like Dundee, or sprott, or the Canadian equivalent of Pershing square, or a smaller USA hedgy gets involved. One guy like that with 19.9% can get close enough to the 33.4% threshold to force a higher bid. Don't forget, their threshold isn't 2\3 plus 1, to win it's only 1/3 + 1 to BLOCK. If you get one group og hedgies with 19.9% plus half the retail shares , call it 10%, then they're at, or very close, to 34% when you exclude GTO and friends from the vote. Get your popcorn. If GTO has the balls to threaten to walk away and SBB drops back to 1.50 or less, I'll be doubling up. Just like I did with HBC. On the other hand, if SBB is NOT worth substantially more than $2, there will be no other bid and I'm taken out Just like what happened with PONY, when CNQ bought them for a "STEAL" because they had the banks in their back pocket. I'm getting the large bucket of popcorn, this could take a while.