Very fishy offer by VetraVetra was very nearly slanderous of PTA in their news release about the offer.
What is more odd is that they are offering a mere 0.03/sh over PTA' s offer and they waited this long to do so?
If they were concerned with getting Suroco, they would have trumped PTA's offer by 20% or more, not a measly 5-6%. It begs the question: what are they really after?
A Suroco shareholder has to look at the deal as follows;
PTA Offer:
- All share approx 0.57/sh in value.
- CAn participate in upside of both Suroco and PTA assets, which is potentially substantial
- Suroco Management keeps their jobs
- No tax implications
Vetra Offer:
- More synergies
- No participation in upsides
- Only 0.03/sh premium to PTA, at current SP
- Tax implications
- Only goes through if PTA arrangement is not agreed .. i.e PTA arrangement trumps Vetra offer
The trouble is PTA should NOT up their offer, as in my opinion it is better, and already has 21% of shares locked up. However, Vetra is playing a game here, and it will be interesting to see ho wit plays out