How far away is Brookfield from 50%? While this is impossible to say with any certainty, there are some facts that suggest that BEPPY is at least more than 4 million short of their goal.
Have you read the Bid Circular?
The intelligence Arbs have.
It says that starting from 3 days after the initial offer, BEPPY reserves the right to buy up to 5% of the outstanding shares in the open Market. That is ~3.6 million shares.
So far, they or their affiliates have bought no shares at all...unless they are breaking the rule that requires them to issue a PR if and when they buy shares in the open market.
If BEPPY was really close, they would be buying in the open market to top it up and finish the deal, wouldn't they?
Wouldn't you if you were them?
So the more shares that stay tendered the more chance that they will be able to accumulate the extra shares in the market, themselves, and some of them would be at a discount to their own meager $2.60 offer.
BEPPY could buy everything in the market to 2.60 and then put in an order for the remainer of the shares they are allowed to buy, then "take up" all the tendered shares and declare victory.
And tell me this....you Arb guys especially.
How can you extend an expired offer without filing another Bid Circular?????
BEPPY's last offer had a very specific deadline of 5:00 EST on Monday. To extend that offer, it had to be done before 5:00 EST or there was no offer to extend. What time did they extend the bid?????