Looks like its all over, Icahn owns 82%, all he needs is 8% more and the rest have to accept the $29. And you know insiders like Lipinski and the others on his payroll have enough to swing that 8%. They will commit, to keep their jobs until he sells it off, then they will be fired by new owners. But Icahn will put in sell contract that key employees get a couple years guaranteed employment. Capitalism at work.
How can a board of directors appointed by Icahn make a decision about fair value. $29 is a joke and so is anything less than $40. Management must reject his offer to force him to pay remaining shareholders what they deserve and pay $6 to those who have previously tendered.
I agree. He's buying this company below its real value in these favorable market conditions. There is no premium being paid to shareholders only a promise to pay in the future--which he controls. Terrible deal for shareholders. HFC should buy the company for cash.
Yes, I would agree. Icahn must have a buyer. Nothing you can do about it, time to move on. He needs to hold off a little while before revealing who it is. He has stated no one came forward prior to expiration date where he would have to share in the gain. Announcing them to early, some class-action attorney would want all correspondance between the parties exposed. Which will probably happen anyway, maybe buyer will not want that hassle and walk away.