The situation now....
Well! This is a nice development. Somehow this slight increase makes the initital bid seem a lot less awful. I guess we feel just a little bit of vindication (like a tiny bit), that someone else in the world thinks Torstar is worth more that 62.
Possible outcomes:
1) the whole thing flops, and the shares trade "freely"
2) 62 goes through (and we are free!!!, and free to invest elsewhere)
3) 72 goes through (we are free!!!, with a ilttle bit more to invest elsewhere
4) other bids start surfacing (see 2 and 3 above)
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What might be happening as suggested earlier, is that the Nordstar move was meant to spark
interest in Torstar (dare I say a bidding war?).
What might also be happening is a bit of psychological trickery. We were so demoralized by the 62 price, that we are just thrilled by the 72 price.
The fact remains that Torstar is still being massively undervalued.
A particularly nasty possibility is that this 72 offer at this time is meant to distract/deter possible dissenting shareholders from exericising their dissent rights...which rights, if exercised, would be very inconvenient for Torstar.
It would be great to hear from you guys as to why you are or are not exercising your dissent rights. Maybe the reasons are the same as mine: uncertainty about time, energy, and cash requirements. I mean, if we disagree with the takeout price, there is a process we are lucky to have, to get our opinion heard and a chance to get a different valuation.
If we don't use the dissent rights, then, sad as it is, we have to accept some blame for the
end results.