RE:RE:RE:Takeover bidIt's very legal...
you can't go on the market, made a press release, without a real term sheet...at the bear minimum...
Gamick of Headgefund, no way...
HCG publish this PR to protect shareholder right about his dutch auction process, it's about his duties of fiduciary for shareholder. If doesn't it, and a couple days after they get a full LOI (like 35 $ / shares) and made this annoncement...
the lawers can made lawsuit againt the board for any transaction between ''1st offert date (like this week-end) until the full LOI, like investigation of Board of Directors duties.
If the quality of LOI is pretty low (like someone without the financial ressouces, or conditions not good enought, (without duthc auction in place) the board can decide to no publish this information to shareholders but with the dutch auction, HCG have no reallly choice to annonce...
Now the board have 3 things, they can decid for the dutch auction
1) stop it
2) modify the value
3) continuning the process (look about the value) on the market in the days before the deadline