Whilst I confess my ignorance of these affairs, I should think the affair would be in the hands of the transferring banks and brokerages by Friday, at a minimum.
From Amendment No. 3 to SC TO-T:
"...The merger is expected to be completed by March 18, 2016. In the merger, each outstanding share of Anadigics common stock not tendered and purchased in the Offer (other than those as to which holders properly exercise dissenters rights, if any) will be converted into the right to receive the same $0.85 per share price, without interest and less any applicable withholding taxes, that was paid in the tender offer. As a result of the merger, Anadigics will become a wholly owned subsidiary of II-VI. Following the merger, Andigics’s common stock will be delisted and cease to be traded on the Nasdaq."
"This is the way the world ends.
This is the way the world ends.
This is the way the world ends
Not with a bang but a whimper."
T.S. Eliot, The Hollow Men, 1925
Barring an unexpected bid from Party B or another source, I'd recommend tendering your shares on the last day possible. Note that some brokerages want you to tender shares a day in advance of the actual cutoff, so check with your broker.
The end date is 26 May 2016, so if II-VI were tendered the majority of shares this week, it could sit on the deal if it so chose, for whatever reason.
I'm really surprised to see the current stock price so close to the tender offer price. Why wait a couple months for this to close when you can practically get full premium today, and without the risk of a black swan event that might derail the sale?
Could II-VI be acquiring shares on the open market? Does someone out there believe another offer is forthcoming? What am I missing?
Probably just administrative delay.
The 29 Feb 14D9/A reads: "...As of February 26, 2016, the Company had repaid Silicon Valley Bank substantially in full. In conjunction with the entry into the loan agreement with II-VI, the Company and Silicon Valley Bank are terminating their existing loan agreement, and the Company will be funded by II-VI pending the completion of its tender offer."
Did anyone else receive an unsolicited call from someone claiming to be hired by Anadigics to contact shareholders and explain the tender offer? Like I need the idiot treatment. I think the company's limited money could be better spent.
By ffmoo's calculation of 90,647,688 shares outstanding, that additional $3.8 million in the current deal means Party B would have go to $0.8919 just to match II-VI's bid, and given the intangible of CIFUS delay/possible disapproval, $0.95 and more likely a dollar would be required to get the Board to reconsider.
If I'm reading the situation correctly, I think you'll see that in the next day or two, together with the necessary assurances mentioned. It is now a matter of face, and if need be, Party B can draw upon State resources that II-VI cannot hope to match. If China chooses, China will not be denied.
The Board must be absolutely scrupulous in ensuring its decision is not tainted by offers of better compensation/employment by II-VI. The vultures will be picking over any deal looking for any purchase upon which to attach a suit.
Certainly, and I expect they will. And given the stock price's reaction to the news, apparently the shareholders don't believe it's over either.