Agree 100%. This will end up in a lawsuit. I'm a little surprised it's not trading above the offer as Juniper's offer still pending. Only explanation that makes sense is that Kelley and his cronies were given jobs in NewCo.
If you had any question about whether this Company is going to get sold, I think today's filing put an end to that. This Board has amended its stock compensation plan to include a change of ownership clause. Translation: If they get bought out, all stock grants vest immediately. I bought a bunch more today. I sure hope I am right.
By the way, why would anyone vote for present management if there is a proxy fight? They pay themselves a bonus and issue a dividend. We get nothing else and our share price tanks. Thee define "fiduciary duty" as taking care of themselves. I know which way I am going to vote my shares!
SA Contributor Stephen Clark says Juniper Partners offer of $5.40/share still on table (Original $8 -$2.60 dividend). I'm willing to bet that there is another bidder and that is why Annual Meeting was postponed. I would expect announcement in September. I'm putting some more money to work as this is a good place to hide during market downturn. It's not impacted at all by overseas craziness.
Can you say Apple TV? In 2016, when everyone starts going with these OTT products, network capacity and speed are going to be needed!
I would be surprised if paying a dividend made many happy, especially big institutional holders. If you look at recent filings by funds, you will see a couple of players left (Gamco being one) and a couple added. I think this explains price drop as these funds could care less about what they do to stock when they get out. This company is getting sold. If it doesn't Board is going to get sued. Let me get this straight, you approve a huge pay raise for management arguing that with upcoming shareholder meeting and work associated with fighting this off hostile takeover, and all you do is pay a dividend and cancel the meeting. I can't wait to see how they respond to that question.
Days like today are annoying when you are a long. But, someday, whether it it be 3,6,9 months or even a year from now, I know I will smiling when his gets sold and shorts are covering frantically.