Awfully Foolish Yes, us hardnosed researchers, when we don't have information, make stuff up, just like our idol, Modgil.
Jeff hasn't called me today to complain about the people who are foolish enough to believe Modgil's baseless conclusions, so he must actually agree with them. Same evidence & same quality of conclusion.
If you are going to tout for Brookfield, you don't have to worry about the dunces that fall for your spin...you have to convince those who use something above the neck for something other than a baseball cap on backwards and to spit.
Why don't you say that hearing nothing from WND must mean they are giving up or that they all went to ski. Or perhaps they went to Puerto Rico. No, no, they are meeting with April in the Men's Room of the Hyatt in Van. Yes, that's the picture. "Hi, my name is April...come here often"?
And I note that those of you doing the math are not correct. The Bid Circular allows Brookfield to purchase around 3.5 million shares (5% of total outstanding). They own about 16%, leaving about 60 million shares that they don't own. They therefore need a total of ~30 million shares to win their tender. Is 20 million close? Not in my book. 25 million might be close in their book, but who knows, for Brookfield close could mean 100 shares closer than the 1st Final Offer.
They are allowed to buy 5% of the total shares, so if they took this option, they would only need about 26.4 million shares in total. Then having 25 million would be close. But it would be difficult to buy this many shares in the open market without moving the share price up (and that will be a tipoff that Brookfield may be a buyer at one point).
Meanwhile, there is no good reason why anyone who knows what they are doing will tender today. If Brookfield were only thousands of shares away from winning, they'd buy the shares themselves, in the market. Shareholders have almost 2 weeks plus a 10 day secondary offer period to tender and get the chintzy $2.60, if nothing better comes along. All Modgil wants is for the bigger fools to tender now so he scalps a slightly higher annualized return so he can move onto the his next trade. Try to at least be more subtle Modgil.
And btw, I know quite a few people who gave their brokers the order to withdraw their shares from the tender...today. And we are not talking 100 shares or 1000 shares each.