We a re just a few cents from reaching the $5 mark. The stock is on fire today, but not sure what is moving it. The fact that the share price has clearly broken above its 200 day moving average line, is especially encouraging.
WPRT has told FSYS they are prepared to initiate litigation, if FSYS aborts their proposed merger transaction.
FSYS says that WPRT breached the merger agreement, by not getting written permission from FSYS to consummate the Cartesian financing arrangement. It looks like FSYS will be able to get out of their proposed transaction with WPRT, without requiring to pay them, the $5.5 million termination fee. This one has gotten ugly folks. Not sure what is next, but you rest assured it will be a big twist.
The merger will be good for both companies. Consolidation is the way to go, but I agree that the terms are ridiculous. Take a look at the numbers in the both companies balance sheets: BV, Assets, debt, shares outstanding etc... Then look at the income statements and cash flows: Revenues, margins, etc... By all measures swapping 2.129 shares of WPRT for each FSYS share is robbery. I understand that some big shareholders (ie: Kevin Douglas) may not care since they own both companies, but that does not make it fair for FSYS holders.
Neither company may survive without the merger but what is fair is fair. The recent SEC filing fails to adequately explain how they came up with such ridiculous terms. It is not good enough to say advisors JP Morgan thought it was fair. I doubt JP Morgan has any skin in the game except for collecting their advisory fees. I am voting my shares against the deal unless they explain why 2.129 shares is fair or they increase their offer. Mark, 2.5 shares is still far from adequate.
at least you were smart enough to bail out of 80% of your position. I wish I could say the same thing about me
earnings out and they were definitely a homerun! Nah, make that a grand slam!
here we go. WPRT agrees to increase their bid and FSYS is on board with the amendment. They have officially rejected the $4.50 third party cash bid
they never announced an earnings date in the first place, hence there is no delay
yahoo has no clue of when the results will occur. They base it solely on, when the previous year's results were posted