Didn't PVN CEO Joe Saunders mislead shareholders when he claimed, "This transaction provides Providian shareholders financially attractive terms". Yeh Right !!! Why would PVN shareholders approve a deal with such an uncertain premium on their investment? With WM's recent downturn, PVN shareholders are not going to get what Saunders claimed, "This transaction provides Providian shareholders financially attractive terms" while he reaps his hefty bonus from WM. This simply isn't right. Can anything be done about this?
Yes something can be done. There are insiders that know you are still getting a good deal at $15 per share; Saunders included! Why do you think he was unloading huge volumes at below $15 per share and Barclays passed at $12 per share?
I would suggest you pay JS a visit and ask for additional money. If that does not work keep whining. You are still extremeley lucky for anything above $15.
Shareholder rights haven't been violated. The shareholders voted for the deal. How can your rights be violated when you had the opportunity to reject or accept the deal? Deal was accepted, move on. This isn't Jr. high where you get "do overs".
Another idea. If you had the power to control the price you pay for something wouldn't you do everything in your power to buy it at the cheapest price possible? Washington Mutual....a big financial institution....must have a number of financial guru's who can control the price of THEIR stock......