I shorted 3200 shares LINE and bought LNCO. If I could have shorted 100k shares, I would have. My broker couldn't find any more.
It's not a bear raid. What's going on is twofold:
1) a lot of BRY shareholders are selling some or all of their LNCO to lock in their profits
2) a lot of people are selling or shorting LINE and buying LNCO due to the depressed price from #1
It may be under pressure for a while since a bunch of shareholders that maybe don't care to own it just got shares in exchange for their BRY.
At current prices, that would be appx 1.5 shares LNCO plus the $5 cash. Don't see how that could be accreditive...
..that Line pays $50 per share for BRY in a transaction that closes before yearend. Includes a $5 special div to BRY shareholders
My immediate gut reaction was 'no way - that's too much!'
If BRY can come out and make a misstatement such as they did, Linn should at least come out and say they intend to give written extension notice
BRY statement is at odds with the agreement. BRY is now in breach of contract and actually loses the right to terminate the agreement. Interesting.
Makes no sense. BRY board would not have approved the merger without some indication that shareholders were in favor of it. If shareholders have now changed their mind, why not just let them vote on it and say no? By coming out with a statement at odds with the agreement, they risk a lawsuit. If I were Linn, I'd consider them in breach of contract.
You are missing the meaning of a very important word: ANY. ANY party may extend with with written notice to the other
Any of the parties may extend by written notice to the other. BRY has no right to opt out if Linn gives written notice of extension.
That doesn't matter. All it has to do is be in the ballpark. No institution is going to change their mind over a few dollars when they know for an absolute fact the share price will jump upon merger approval
Its certainly not negative - the changes are few which means they are zeroing in on an approved version
S-4 filed this morning. Soooo obvious someone knew. This is why I avoided the market for most of my life.