RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Dutch AuctionThe Dutch auction does not guarantee anything other than getting approx 10% of your position sold at $3.49, if every share is tendered. How many shares will be tendered is anyone's guess, as I've seen these SIB's have anywhere from not enough shares tendered at all, to virtually every outstanding share tendered.
If more than 32,951,289 of the outstanding shares are tendered at $3,49, then you'll get a prorated number of shares sold at $3.49. This then leaves people holding the remainder of their shares, which typically causes a post-auction decline.
That being said, I think selling before the deadline, below $3.49 is a bad idea. The number of shares being purchased is substantial enough that we'll likely/hopefully get a higher price.
The company can also cancel the purchase. Point being, there is still risk that can justify selling for some. There is definitely a valid point that many sellers are not aware of the auction, which gives those paying attention an advantage.
I have a substantial position and will likely pick up more next week at these prices, since the risk decreases as the deadline gets closer.
GLTA