Can IBM or SANDISK pick up STEC shares on the open market?
Can IBM or SANDISK pick up STEC shares on the open market? I know they can not just buy STEC that way, but after years of following, I never came across the rules for buying a company. BHP just started buying POT on the open market- why wouldn't IBM do the same for STEC? I assume they are required to announce first. Anyone know the actual rules?
Sure they can. Once they accumulate more than 5% they should file with SEC, hence no surprise. Not sure if they can buy 50% of the company single day with out filling or annoucing. May be they can but with out annoucing target price if they buy 50% of the company in open market stock price will go up by 200% and there is no point in doing that.
Institutions hold big percentage of STEC with less float they can not do much.