There is absolutely NO WAY that it gets by the shareholders, even if a judge decides to ignore all the insider dealing and let the shareholders decide for themselves.
At $18 a share, maybe. At $11 --- no freaking way!! People that buy stocks aren't THAT stupid!
OK, I found this info since then.
>>>If the merger is completed, each common shareholder will be entitled to receive $11.00 per share, less the per share amount of any pre-closing dividends paid by us with respect to our common shares, in exchange for each share held, as more fully described in the enclosed proxy statement. We anticipate paying, on the day before closing of the merger, pre-closing dividends based upon our undistributed taxable income as of the closing date, which we estimate will be approximately $3.50 per common share. Also in the merger, each holder of depositary shares representing a 1/10th interest in our 10 1/2% Class A Cumulative Preferred Shares, Series 2002-A is entitled to receive $25.00 per depositary share, plus all accrued and unpaid dividends existing immediately prior to the effective time of the merger, in exchange for each depositary share held. <<<<<<
The company's news release said "each common share of the Company will be converted into the right to receive $11.00 per share in cash. A portion of the $11.00 per share will be paid in the form of a dividend prior to closing."
The 8-K was even more specific. It said that each common share would be converted into the right to receive $ 11, "less the amount of any dividends paid by the company prior to closing."
So $ 11 is the offer, no matter how it's paid.
BOY estimated in its 2005 10-K that it would pay out about $ 9.5 million of dividends in 2006 that would be considered distributions of 2005 taxable income. Since the preferred dividends are about $ 4.7 million, this would mean about $ 5 million of common stock dividends in 2006 based on 2005 income.
The amount of 2006 dividends based on 2006 taxable income all depends on the timing of property sales, and whether the sales close this year or not. I have no way to estimate the timing of this.