RE:RE:votingWhat so many people fail to recognize, or are choosing to ignore is where BNK was trading before the tax dispute. Higher than this current offer. So when people get on here talking about taking the deal becasue of where oil is trading is such a cop-out. There are so many other factors involved besides the commodity price (which changes). After all these years, and improvement, increased reserves figures, etc. there should be more voice to rejecting the offer.
I believe a counter will come. And anyone who says that it is impossible should take a look at this event - did you see it coming? No. This offer may have forced anyones hand who was on the fence about taking a run at BNK. Now they don't have the luxury of waiting to see how things play out. A counter offeror may be watching to see if this Chinese company stumbles in putting together what seems a slightly complicated financing. Too many people out there know that even at $3 this company is a steal.
This stock was driven down far beyond where a fair value is. We have all talked about it. Analysts have all written about it. How many times have we seen the math on how far below BNK trades compared to it's peers? So to lay down and just say 'well, it's the best we can get' should ask for their balls back.
Don't think for a second that a lot of the recent buying are by interested parties trying to increase their stake for voting. The reason why the analysts are saying take the deal is likely because they bought a boat load recently and are happy to take the quick gain. As well it is the politics of future business. They don't want to get excluded from syndication deals, IPO's, etc.
Rejecting the offer doesn't mean this Chinese company goes away. It just means they will have to offer up a better price to satisfy shareholders. Do you think they came in at their best offer? Even if it doesn't go through I am happy to realize where an artificial floor for a buyout is. I have been in this since 2008. Another few months or a year won't kill me to see a better offer.