Bacci, Pessin, and the BOD controlled 33%. Jensen had another 8%. He "might" have been the big seller. But if so, is replaced by another big holder. 2.4mm shares have traded this morning or 15%. Assuming all went to arbitrage houses, then they plus Bacci, Pessin, and the BOD are at 48% even without the Jensen shares. They have or are very near enough to close the deal without assistance. This deal is going forward. I suspect the offer price to drop down a couple of cents once they have enough to guarantee passage. The arbitrage house will still look to make their take, but will want a little higher return.
You will most likely be correct, but now a whole lot more people know what it costs.
After over 15 years, I am no longer a DAEG or UNFY shareholder. All 360,000 shares were sold this morning at an average price of .8024, only 2% below the tender.
It could happen as another bid but that one as a "hostile takeover" bid....if some company wants to stop Open Text from scooping up DAEG.
Very doubtful. If there were more potential suitors, they would not have entered into a definitive agreement.
Open Text is a winner and they found a great long term investment in DAEG who is obviously turning things around. Very smart Open Text acquisition of DAEG at $0.82
Pessin gets out close to even. If they are unable to get financing, then not approving the acquisition would be disastrous.
I feel your pain. I gave up tracking it but hard as it is to believe, have about the same time frame. What if we don't approve the merger? Do we have the votes? I'm sure we don't. How will Pessin vote? How much does he own. I think I have about 100K shares--not enough to matter
I have about 2% of the stock, and a loss over 15 years of about $180,000. But, it will be nice to move the money into another investment. I guess I won't be paying taxes on capital gains of dividends for quite some time with a $65,000 capital loss in the taxable account (the rest is in my IRA).
Right. That's the only explanation. Yet surprised that they couldn't get a new loan or some convertible debt or something. It has been a catastrophe for a long time now. At least I bought another 28,000 or so shares at 37 cents. I more than doubled my money but it doesn't make up for the rest of the loss or the time value of money. But it will feel good to be finally done with this investment--that's for sure.
Bacci and the BOD are idiots. If I had the time and money, I'd sue their #$%$ for the $60M+ of value destruction they've overseen the past 7 years. Unbelieveable they couldn't even negotiate a 1x revenue - debt (a paltry $17M ) sale.
Just over two quarters of revenue -- way too cheap. They must not have been able to get a new loan.
I wonder what the guy that bought at $1.10 a couple weeks ago is thinking.
The big sale a couple of weeks ago was almost assuredly the remaining Jensen stake. Perhaps we was not on board with the reverse split putting passage in doubt (even with Bacci and Pessin voting yes). Perhaps they had to find a buyer for his stake before the could announce the vote on the reverse split and since it took so long, now they are working on the extenstion request before announce the date of the vote. The Pre 14A gave them until Oct 31 to execute the split, so an extension to Oct 31 makes sense (and buys a little ore time to get our ten days over $1).
Bacci and Blueline own $3M+ shares, so unless they have a private buyer lined up, doubt delisting is in the works. My understanding is NASDAQ extensions not uncommon so long as they have a specific plan of getting price above $1 (i.e. a date for shareholder meeting and can document enough votes to pass reverse split). I'd expect PR on request for extension by Wed if no sale, merger or other controlling event in the works.