PRSomething like this:
Frank gets an offer for 3.75 (so 4 - 4.25), says no way, it's too low are you nuts
Frank thinks about x months then gets an idea... hey if I can participate in that offer and be a buyer instead of a seller, I'm all in! Lets see if we can get the dumb minority share holders to take it
Frank then says to the "special committee" the only offer he will support is his offer at 4 (and no higher?) and he won't entertain any outside offers even if they are higher, as he will vote against them
...
"Fairness opinion" has to include numbers that are pretty much fraudulent unless one has a super elastic imagination
Then...
Gateway Capital sues? Something happened, because;
... we get a gigantic "run for cover" somewhat legal sounding "justification", "here is my alibi" for the sequence of events leading up to where we are now
What a fkin mess.
I think the big problem is their (in my opinion) fraudulent "fairness offer", combined with Frank's blocking of any shopping for competing offers.
Voted no, holding to see how this sheet show is going to play out.
The offer wasn't really THAT bad, but the (in my opinion) "lying/fraud" part in the so called "fairness opinion" really got under my skin.
Maybe/probably Frank is not a bad guy, just a shitty sequence of events led to this.
GLTA