1) Acquisition price too low due to HTH influence and larger stake in SWS.
2) Where were the independent advisors hired by SWS? The SWS "independent" advisors goal was to save HTH as much $ as possible and NOT about maximizing shareholder value.
3) Lack of independence in the deal in general.
4) Good ole boy network paid off execs but screwed shareholders.
5) Why does it appear that HTH was allowed to pay what they wanted for SWS?
6) Deal way too dependent on HTH stock price (.2496 shares of HTH) with no clarity of closing. SWS shareholders stand to lose millions if HTH shares were to have a normal pullback from here. The HTH statement of having the deal close by the end of year is unacceptable to shareholders. i.e. Memories of Dow Chemical / Rohm and Haas acquisition
7) Deal announced shortly after the Barrons article which popped HTH stock. Good chance of pullback after pop and causing SWS shareholders even more losses.
8) Never understood why all the law firms go after these bad deals but apparent now?
Bottom line....HTH is a good partner for the SWS but somewhere in the process the HTH/SWS executives forgot who actually owns SWS - THE SHAREHOLDERS....76%+ of the company was without a voice!
Is it thought the Public Finance business is worth the $8/share or $250MM alone?? Whoever is bidding on this needs to up their bid now before we see more entrants.
Why do i get the feeling it would be trading higher than $8 if there was never a $7 or $8 offer? SWS tell these bidders to move out of the way or make a real bid. Bidders move over and let the market take the stock to 10+.
From Esposito Global - offer of $8.00 cash--- I still think that is too low. Book value per SWS is $9.57. I'm looking for $11-12. to agree to sell (I'm still underwater at that price)
With a $7.00 a share buyout offer and the stock now selling at $7.96- doesn't look like a deal in the offing. I think $12.-$13. is more realistic(I'd still be underwater)
it came from yahoo chart....does not reflect the warrants outstanding so your # is correct. it seems like a premium to book is in order. I saw a post on the news section as to a law firm wanting to investigate the board on the offer. I am under the impression that the board was not advised of the offer prior to receiving it. Seems like they have a fiduciary obligation. The question is, does this bring other bidders? The stock is trading over the $7/sh price so indicates the market thinks it is too low.
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