The B stock has never been to $30 per share, yet Nikolaus makes no reference to the true 'value' of the stock. Mr. Shepard puts an offer on the table, and the response from management is basically....how dare you buy our stock ?! Hey Don, if this wasn't a public company you wouldn't be having this little spat. So put up, or shut up!
Please do the right thing Shepard - FIND A FRIENDLY BUYER OF DONEGAL AND MAXIMIZE
SHAREHOLDER VALUE. CINF and Nationwide are in talks and you can do better to maximize value
for all shareholders. Shepard - how about State Auto, Progressive, Erie, Allstate? 75.00 per share.
As an A owner. I am interested in this offer since a real takeover would have both shares purchased for the same price, This is like the movies except right now Mr Nikolaus is more interested in the jobs and people who work at the company than the shareholders who might benefit from a sale. He of course won't talk of value because it is a losing conversation.
All that being said he is holding back the sea and when he departs the sea will probably wash over and the company will be sold. In the mean time it continues to grow slowly and pay a dividend. The B stock is way over valued and if I had it I would sell it at 25 in the market. I would even suggest that the company sell some of it's B stock.
On the contrary, sell the A's, to buy the Bs, then tender for $30. The A shares have only 1/10 the voting rights of a B share. And what else do you get with the A's? Five cents a year in dividends that you don't get with a B share.