BTE Management !Canadian volume of 20 M with closing SP of 5.26$ lowest for the day. US volume of 13M with closing SP 3.865 US$... This bloodshed fully demonstrated how people felt about this deal.
Eric Nuttall's funds lost a lot of $ in BTE today when all he had been preached was to get the return from FCF to shareholders NOW but this deal essentially kicked the can further down the road... It is like a slap on his face... To be frank, the deal itself might not be that bad if the timing of execution is later when they had paid down a sizable debt and executed further ahead in return to shareholders in terms of share buyback and sizable dividend... As for why ? BTE Management owed its shareholders what they had been promised and waited all along that the BTE debt will be paid up and max FCF return by share buyback and dividends without delay, but this deal sort of give priority to an acquisition (adding on some debt and taking up some FCF) instead... and sarcastically, BTE Management attempted to soften the blow to the shareholders by giving a super small dividend (who can believe of 0.0225$ per quarter) starting after the deal got completed....