Post by
outdawazoo on Sep 04, 2013 7:54pm
another bid?
Something about this smells funny. Why did the company put itself up for sale when it was around $1.00/share and sell out at this price? The company isnt under any financial duress. Usually, in these sitations the motivation is for management to get out, get a 30%+ premium, grab the cash and start another company.
To sell the company at a 10% premium I am sure is not what they had in mind, and then work for another different management in a larger company, let alone a foreign company. The superior bid fee of $10M is only 5 cents a share which is peanuts. A Canadian acquirer could scoop the company at $1.23/share, so they could easily outbid the Chinese company.
Could be that this bid is bait for a larger bid? For the record, I didn't sell anything today. $1.07 is an insult. It strikes me that people who are selling are being a bit impatient. I will wait a few months to get my $1.18, possbly more.