Unfortunately small shareholders like us have no say in this. Even with smaller companies it is impossible to resist if BOD approves the deal. And BOD gets paid for this separately, unlike us. I am still sore after Corel went private. That was a complete steal.
I'd like to think that you're right about the current environment, but STX is being advised by lawyers and bankers who have historically been more about making sure that CEOs get their way than looking out for the independent sharehollders.
If someone picks at this with an investigation, I'd love them to get behind the option trading this week; the reasons why Bradley and Marquardt left the Board summarily; when the decision to postpone the normal annual meeting was taken; who started the dialogue with the PE guys and whether there were prior discussions with PE firms over the past 18 months since Luczo resumed being CEO; and how much of all this was going on without Board knowledge and oversight.
The Background of the Transaction in any forthcoming Proxy Statement will be an interesting bit of fiction.
This is not about delaying the earnings call at all.
I do though think that there is pressure to fix a deal price before next week's earnings call so that management can use that call to start justifying what some of us might consider to be a discounted deal price.
I also think that the earnings calls for WD and STX are forcing issues because they will show generally what we're already starting to see which is a generally improving environment for technology companies which may drive STX's price to a point where the PE guys are no longer interested, which is certainly not to management's liking.
The next three business days will tell all in my view.
"What are the odds that they're just pulling this stunt to avoid the upcoming earnings announcement?"
The only way they can "avoid the upcoming earnings announcement" is if they've built a working time machine. That way, they can go back and NOT HAVE a quarter. Because that's the only way the earnings call doesn't happen, regardless of talks about going private. You know what's funny? 10 people are nowgoing to post that they've long suspected management of having a working time machine just to screw their shareholders.
Listen, pigs get slaughtered....made a sweet profit selling over half the Oct 13 calls....will sell the rest tomorrow....definitely no complaints. That said, I believe NOVL is next to go.
That would only be an 18% premium to the close. Plus if the $7 bil number was STX's offer and they failed to meet financial projections, then it may be lower. Regardless, STX should accept a price no lower than $15. If it is an all cash deal, the stock should trade at $14.75 AFTER the BOD accepts the buy-out.