Pinned straw:
It's certainly been a tough year or so for a business that was in transition with its acquisition activity and the ructions in the energy market, but also a good opportunity to accumulate if you believed in it over the long term.
The takeover offer appears opportunistic and undercooked, but it looks like both parties are keen given the granting of exclusive due diligence.
Do you think this is about as about as gets @Strawman ?
Disc.: Held in SM and IRL
So this is quite confusing. Because the board is being extremely accomodating, to the point of obsequiousness, in all but recommending a highly conditional, preliminary offer. But, the second largest shareholder and director, Vaughan Busby, has not endorsed the board's recommendation that if a formal offer is made on these terms shareholders should accept. It's possible Busby wants a higher price, or it's possible he isn't a seller at anywhere near where the price is. I cannot see how the board is acting in shareholder interests by telegraphing to STG "just make an offer and we'll say yes". If that's what they are saying in public etc.. It will be interesting to see this play out. I do not believe a deal will get done at $5.85 so this is either a first strike and they come back higher or they are just tyre kickers and they'll walk.
