RE: RE: Yabacoa as a prerequisite to deal Should the courts find that an independent valuation is required then yes, it should be done.
Recall that the company stated the process would take 18 weeks. We are now at least 8 weeks beyond that timetable.
Brookfield made an offer. Brookfield owns assets in the same area as Windstar making it a natural fit so it shouldn't be surprising. However, there has been ample time for competiting offers to formalize based on access to the data room.
If a real competing bid existed the Board should have expedited that process to bring the highest offer to shareholders and at the same time show the market and shareholders that Brookfield's offer is low.
However, there has been no talk of winding up the sale process. Only vague references to the number of parties accessing the data room, subject to NDAs, etc.
As a shareholder and potential acquirer, Brookfield has given ample time for the company to produce a competing offer. Telling me that an independent valuation is now a must tries to sidestep the reality that management publicly stated the process would be resolved by now.
Maybe the company's CEO is the reason deals aren't emerging?
Maybe the company (net of large debt load) isn't worth nearly as much to the market as many hope?
There are ZERO reasons any shareholder should give management the benefit of the doubt.
Impose accountability on the company that ensured shareholders that it would sell itself / spend less time hating on the only company that has made an offer for the company.