CANEXUS CORP 6.5 PCT DEBS T.CUS.DB.D

Finally, the real story emerges today

[phoenix_trader]

Last year, after a fulsome sale process, we agreed to be acquired by Superior at an implied value of $1.70 per Canexus share. It's important for you to understand that the sale process was a response to a non-binding and unsolicited proposal from Chemtrade at $1.90 per share, a proposal that Chemtrade neglected to mention in its take-over bid circular. Chemtrade also failed to mention that over the course of that process, on more than one occasion Chemtrade shifted the conditions on which it was willing to acquire your company, including significantly reducing the price at which it was prepared to transact. The Superior transaction failed to close for reasons beyond our control, being non-approval by the US Federal Trade Commission. But the value-maximization process that led to the Superior transaction was a clear demonstration of our willingness to transact at an appropriate price. Now, with all the improvements implemented since 2015, Canexus is worth more, not less. Your Board, after a full review and with the advice of external financial, legal and shareholder services advisors, recommends that shareholders reject the Chemtrade offer. Many large shareholders have indicated to us that they will not tender at $1.50 and no shareholders have indicated to us that they will tender at that price. By refusing to tender your shares, you send an important message: $1.50 per share isn't fair value.

[MattMckienzes]

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[phoenix_trader]

Murray shows his hand and I think we will see a $3 price within 18 months............Folks stand fast, and tell these sharks that a harpoon stands ready at the bow.

[itsalie]

I bought some more this morning. average down a bit.. can't see it going any lower.. 

[uograd]

that was certainly an interesting shot across the bow to read early this morning. I agree, $1.50 is not enough but $1.90 would work just fine. if chemtrade wants my shares ( and I Know they read this site) that is  the number. I also will be voting to kick this board out if the January meeting comes to fruition.  This company would be worth over $5.00 if they had not made the idiotic

[MattMckienzes]

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[MattMckienzes]

This post has been removed in accordance with Community Policy