Bonterra/Spartan Teleconference There was not much to the conference.
Another deck showing how Spartan's great assets wish to be taken over by Bonterra for a song.
When asked about the Oberndorf statement on owning more than 10%, management did not seem to indicate that they had talked to the Oberndorf group. Their answer seemed vacuous to me. They just mumbled that Oberndorf were good long term shareholders. To me this is good news, because as someone else has pointed out, Oberndorf can make their own takeover offer for Spartan based on their $7Bn in assets.
When you leave $10's of millions on the table for the taking, others with money who want those millions will step in to grab them. So I am hoping that Oberndorf are working hard in the background a) with another company to put in a new bid, or b) with other large Spartan sharholders to make sure that the vote fails.
As for me, I want $5.50/share, before I will ever vote yes. At $5.50, with the OOIP, whoever acquires Spartan is still due to make $200M + in the next few years.. So I encourage any large shareholders to come forward and tell Messers McHardy and Fink that this current deal is not good enough.
L6