Reckon Ltd T.RKN

RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:An entry from here

[MatWei]

Maybe, but I still don't see how ESW could have maneuvered to prevent another company from making an offer to buy RKN outright if that company wanted to after doing the due diligence.  If ESW was indeed suppressing the share price during the due diligence period through late 2016, the low share price would have made it even easier for said company to come up with a compelling offer.   When Crescendo forced RKN into play, plenty of companies took a look at the books.  None of them wanted to progress any further in the process after looking at the books.  

I'm not certain how ESW could have prevented any of those companies from making a bid in some sort of grand plan.  But when they saw that they could effectively grab control of the company without directly taking it over, they jumped at the opportunity.  Remember it was Constellation was the one who made the offer and set out the basic share structure using preferred; ESW simply improved on the offer by offering a higher option price and lower number of exercisable shares.  And remember also that Invesco indicated it would vote in favour of Constellation's offer before ESW trumped it.  

I'm not trying to be aggressive, I just don't see a grand ESW plan over the year to take over RKN.  The fact that they are ruthlessly diluting existing shareholders with their restructuring now that they have it is part of business as an investment fund.  factsRUs pointed out as soon as Constellation came out that any offer along those lines would likely be highly dilutive.