Buddy
Of course there would have been a number of discussions, all subject to confidentiality. That is how that works in these cases. I was just pointing out that the 20 cent price was a high-water mark and there was very little trade in excess of that level.
Sometimes an early bid can be a sort of price discovery phase for a takeover (i.e. offer a price, have it go public and see what the shareholders do). I have seen it used very well in the past. In this case its done through a scheme, which i do not like as it is effectively a lower hurdle to acquisition and can be an advantage to the bidder. It also comes with a higher cost for the company as has been noted on here numerous times.
I still think that the 20 cent price is close to the money in terms of value, and I am yet to see anything to convince me that a substantially higher price will be forthcoming. I would be happy to hear some thoughts on where the value can be seen to be way low on this.
Cheers, AL
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