It looks like maybe old AMCOL knew when to sell Chemdal. The business looks to be tanking. Or, it could be that they purposely chose not to pass along increases in feedstock prices to customers in order to impress the FTC that they indeed do not have pricing power.
The only danger here is that the Germans get cold feet and scuttle the deal.
The balance sheet for 12/31/99 notes that shares outstanding at the end of the last quarter were 26,852,000. The 10-K recently filed with the S.E.C notes that the shares outstanding on 3/15/00 were 24,413,000. This is significant for the continuing business.
Realist maybe, but certainly not jaundiced. Check your shareholder letter dated April 5, 2000. Honest mistake on your part as they published the wrong number but this really gets to the heart of my perception.