My argument is that, if the market believed that a threat of a compulsory acquisition didn't hang over CIM, then the price could get to $65. But above 90% ownership, they can conduct a compulsory buy out. It is not an offer to sell; it is a forced sale.
So, does one sell before the 90% threshhold, hold and hope that they do nothing except continue to do a good job of management (and perhaps buy more), or take the chance that they pay a fair price. It would be an uninformed decision with good odds of being wrong. Pass the sleeping pills.
Yes, CIM might be an extreme case, but given the size of the Company, it's a fairly important one. But there is the potential for something similar to arise whenever there is a partial takeover.
And, having raised the topic, you didn't offer an opinion on the acceptability of the Creep Provisions. I realise that they're a reality but I think they stink.
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