And now we know the end game: appraisal rights, apparently. Fortunately, it doesn't appear there is an appraisal rights carve out in the MA.
CT ORDER, then a bit later a spike to 13.71, then the much awaited put deflation. Anyone else watching this horror show? Somebody lost money on all that nonsense; hopefully it was the bots and not me. Is the deal done or not? And what's with dropping a CT ORDER, and not a K on the vote? Whatever.
PPS coming in, but puts still elevated. Keep your head and arms inside the car at all times, and hold onto the rail tightly. Good luck everyone.
HF in PA reported an 8% stake a/h yesterday. Clearly they were buying and pushing it up. Without any noise from them, though, not really sure what their end game is. GLTA
Recent move looks crazy to us given the following:
-ISS and Glass Lewis recommendation to vote for the $13.50 deal. Most institutions have a policy of voting w/ these recommendations.
-no other competing offers emerged during go-shop period
-Murdock’s assumed cost of debt for the LBO has increased dramatically since the initial offer was made.
-According to the PREM14A filing, Murdock said $13.25 was his final offer and almost walked away from the deal at that point.
At $13.96, your upside is MAYBE $.04 and your downside is either -$.46 or -$3 if the deal falls apart. Seems like a horrible risk/reward going into the shareholder vote next week.
Dole Food Inc. (DOLE) Chief Executive Officer David Murdock was sued by an Oklahoma police pension fund over his buyout that values the fresh fruit and vegetable producer and marketer at about $1.21 billion.
Underground Alerts Society (google em) just came out with a detailed report on DOLE today - I recommend any fellow shareholders here sign up immediately and wait for the next update, last time they alerted a stock as a buy it went up 1350%, and last two times they put out sell ratings the stocks dove over 75% - don't be the last to know and get screwed, I learned my lesson on their DOLE sell alert, and GOOG buy alert sub $300