$4.50-5.10 is accretive to the remaining shareholders.
Im going to hold because I think higher prices might be in store over the next few years.
But, I dont own a million shares+ like the above 3.
Even at the low price of $4.50, they can only buy 5.55 million or 4.9 million at $5.10.
So Miller cant sell his entire stake. The others could if Miller did not.
Im holding for higher prices.Its possible that nobody tenders and the stock price marches past the $5.10 so most small holders do not tender.
The deal expires 7/29. I guess its possible they could extend it and/or raise the price. Havent seen that happen before but I guess its possible.
Im a bit disappointed because there is nothing for me to think about.
Im not selling below book value when they have all that cash and its very possible they have some nice growth ahead
Will be interesting to see how many of the big 4 tender. Im presuming that Higgins is not but I havent gotten or bothered going to edgar to read the document.
Id have to say theres a reasonable chance that Miller will tender simply because of the size of his position and the huge gains he has. I have huge gains too but I could sell my stake without eroding the price. Miller cant.
Ditto for Blue Star & Nantahala.
Im presuming that DFA wont tender all their shares since they tend to own a bit of everything.