A Glimmer of Hope If you have the patience to go through the takeover document on Sedar, you will see that a competing bidder has all the cards stacked against him, perhaps most importantly the requirement to keep CPG informed of any proposal and the right to match it.
However all is not lost.
In addition to the two thirds shareholder vote, Reliable needs to have a simple majority of all minority shareholders approve the takeover.RBC crossed 23 million shares on Thurs at 3:03. Who owned that many is a mystery, as that would be over 10% and make that party an insider.
So perhaps it was multiple institutional holders. In any case, someone may be heading in the direction of being able to block the 50% minority vote acceptance and push for a better deal.
It is a long shot, for sure. But I believe we should all consider voting against this opportunistic bid and either hold for the benefits that are going to transform the company through WATERFLOOD (CPG is an industry leader in this regard, having just acquired a company owning cutting edge technology) as well as continued advancement in horizontal drilling and fracking