I did not chart their trading but all of these securities are selling off today. Someone really wants this deal to fall through. I still suspect it is short selling hedge funds who want to destroy LINE but who knows. We will find out eventually but if LINE does not stop dropping soon, they will have succeeded. LINE needs to say something good very soon.
Either the buy of the decade or who knows, its off over 25% compared to the index over the past two years. Even without the Berry deal, the price is rediculous. If the Berry deal comes off, its a 50% pop. Personally I dont believe it. Stay away, too much manipulation.
Sorry but this is normal. No shorts no manipulation. There is DOUBT and traders will ALWAYS sell or hedge their bets if there is a chance the deals fails. Today is Friday and traders hate to go into a weekend with a position. May see some more selling or speculators on the deal going through. Luck to all.
I don't know that a press release is the answer, but they need to act. As someone mentioned they can change the composition of the company and benefit sharehoders. They could be using this money to buy Berry shares in the open market prior to the deal closing.
So think of it like this:
Issue 10 million shares of LNCO
Buy 10 million shares of LINE, and
2 million shares of BRY
Rinse and Repeat.
All of this should be legal due to the current filings relative to the the Berry acquisition. Think of what they will save in future dividends. Just doing this once would save $6 million for ever, and cost them zero in cash and have zero dilution of sharholders. Win Win Win
There's no question that some sort of institutional short is involved here, this barrage isn't the result of natural sellers.....no one wanting to get out of a position, is stupid enough to kill each and every rally attempt by selling into it.
Whoever is involved in orchestrating this, no doubt isn't even close to moving on......kinda reminds me of 2009.