let me see, i can give up my perigee shares (9.30 eps next year) for some cash and shares in a company that has dissolved over $50 of shareholder value over the past three months through idiotic decision making and ridiculous corp governance...let me think...guess not!!!
If PRGO shareholders want to be treated as fifth tier "stakeholders" and have their company management completely control their investment for the good of management, then they should tender their shares. Shareholders are simply a necessary evil to MYL management and they have no qualms about giving up shareholder rights and value as that is simply not a guiding principle of theirs. If they tender they will be giving away their company and getting tax bills and empty promises in return.
While MYL is a perfect activist target from the perspective of poor management, the only reason they won't participate is because of the ridiculous governance situation at MYL and in Netherlands. Paulsen and whoever else supported management have lost almost 50% of what they could have gotten by supporting a buyout by Teva. Where are the shareholder lawsuits?
The ultimate bad result. Tax inversion triggers capital gains. Management totally ignores duty to shareholders to maximize value or even discuss buyout offer from Teva. And as the final insult we are now facing a CAPITAL LOSS as management has destroyed shareholder opportunity by stonewalling Teva and pursuing a bad deal with Perrigo. How these managers can make a case to keep their jobs is astounding to me. Shame on John Paulsen and the other major holders who supported these idiots. My only comfort is that their cooperation is costing them hundreds of millions as opposed to my couple hundred k loss.