RE:RE:RE:Very interestingAvalon,
We still don't know the details of the rights offerring regarding International.
I have some experience with rights offerings related to the same entity equity. These, sometimes deep-discounted, rights offerrings basically motivate sgareholders to exercise their rights to avoid dilution. If a shareholder does not exercise their rights there is often a clause that allows the unsubscribed rights to be allotted to others who have oversubscribed.
Purely speculating here, however there may be a group of individuals who want to buy International (essentially PNG ops) and pay on the cheap side. With the allocation of rights option, it can be said that all shareholders were treated equally.
A cash offer to buy International would be subject to scrutiny in regards to what is fair value.
Again, the above is pure speculation on my part and hopefully we'll get the details soon.