"We believe that the Acquisition will provide superior value to the Company's **shareholders**" PR says they only want to buy the **outstanding** shares. Does this mean current shareholders will continue to hold their shares? (asterisks are mine).
When there is one company wants to acquire GA, and if GA agree with the purchasing price, it can mean bad news for GA's shareholder because the new company might do reverse split. Your 6 shares might worth only one share. As shareholders, your only option is to accept the offer, or you lose everything. No matter who owns the company, his interest is never in line with shareholders. I can be wrong, need some expert to explain why acquisition is a good thing for shareholders?
It means that after going public at $15.50 in 2007, and taking in necessary capital to grow the company, they now want to steal it from us at $11.75 just when revenues and profits are gaining significant traction.
I urge every single shareholder that makes up the 52% that is not owned by management to vote NO!
The weeks prior to latest earnings had this "consortium" pushing down pps with big sell orders in an effort to make they're proposed buy out price look more attractive. I think they're trying to keep the price down now for the same reason. I mean there's an offer on the table for 11.75, but that's still a fair amount higher than current pps. Why? I think the "board" will stretch out negotiations until after the next dividend, than counter offer 14-16. I'll probably sell most of my stake at that point.
On a side note, I think a lot of GA investors may jump into GAME, if not already in it. They have an earnings announcement tonight if anyone is interested.