Merger: Yes or No, page-591

Can you cite any instance in which a company has taken 6 months to merge, conducted due diligence, had Director recommendations from both parties, independent expert reports, FIRB approval, spent $ on transaction costs, only for the merger to be voted down by retail holders on HC?

Yes - many instances in which a superior proposal comes through, but I can't think of many (if any?) where everything is done and shareholders vote no

The board would have an idea of which way their majority shareholders are going to vote before wasting this time and money. If they were to get it wrong, they would not risk no merger, but getting booted off.

So, this is all but a formality now. Which way we vote will have little to no bearing.

I'm looking forward to this listing in the biggest economy in the world, which knows how to price assets for what they are.
Plus the synergies etc etc.

Reading that independent expert report makes this for a very exciting close to the year