RE: RE: RE: RE: Tragic Jaguar went through the same process a few years back (takeover rumours) and nothing materialezed.
The longer this takes, I think the market looks at it - as this deal won't get done. So you lose that takeover premium (if I recall correctly Jaguar was in the $5 range when the rumours started). On top of that, the gold stock sector goes on a slide and you see a further fall in price. With this further drop in price, financing and raising money becomes a concern - a vicious cycle.
What would I have done differently. Instead of contemplating the offer and letting others look at the books, I would have accepted the Shandong offer and forced a bidding war. The process would be much faster. Instead, management dragged it out and for the reasons above ... found it's pants down when the price dropped to a level where any reasonable offer wouldn't be quite enough to satisfy shareholders.