I am not a conspiracy theorist but something smells about this deal, as someone else has posted this offer should have been reported to shareholders when received which may have flushed other offers or seen this stock trade @ $7.40 or higher when the offer was received. Do directors get a back door bonus? I have personally been part of two takeovers for the businesses that I worked for and I know that this certainly happens but we won't get to find out.
The timing of this disclosure is also questionable, if this announcement had been delayed by a week or two the shares may have risen to this level anyway and the so called premium to trading would have evaporated. We will find out on Wednesday if EPS has made an improvement to near zero, if so this deal stinks big time and all shareholders (including institutions) should vote NO.
The two big winners here are Rubrick Capital which have Convertible Notes (no voting power) purchased for about US$27M and are now worth US$42M and Viburnum approx. A$24M and now worth about A$44M
MYX Price at posting:
$7.20 Sentiment: Buy Disclosure: Held
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