RE:You Have To Be CRAZY
Gotta agree with Crow. In summary here are my reasons:
1.Institutional owners are key. Two are on the record as not being happy. No doubt Ithaca directors are already getting an earful.
2. Delek won't walk away from this. If they do share price will drop short term and another buyer will then show up and snap it up for the same or higher price. Delek will lose face for all recent North Sea expansion PR.
3. This is the fifth time I have been involved in a buyout. In all cases the share price trades 10 cents below the offer allowing short term profiteers to buy. We are seeing share price 2 cents below and 1 cent above the offer. It means the market expects an sweetened offer.
I'm no fan of management and I am on the record of saying I want a buyout so I can move on. I'm staying put for now because the institutional owners will gete us a better deal. Thats what these guys do best.