FSYS in their proxy statement for their special meeting set forth for March 22, revealed the third party bid they received, could reasonably lead to a superior proposal. As a consequence, they have entered into a confidentially agreement with that potential buyer, to provide them with non public information.
I don't get it. I thought the FSYS Board of Directors had a fiduciary obligation to reveal competing bids. The third party bid is so buried in the regulatory filing, that you need the FBI to dig it out. Why not be more transparent. It seems like somebody is purposely trying to hide something, but WHY? A $4.50 cash bid is clearly better than the WPRT proposition. it is a no brainer, to take the money and run.
On January 27, 2016, the Fuel Systems board of directors received, with a copy to a Fuel Systems director, a written proposal from a third party (the “Third Party Proposal”) expressing interest in acquiring all of the outstanding shares of Fuel Systems common stock for a purchase price of $4.50 per share in cash, financed through a combination of Fuel Systems current cash on hand and cash of the third party.