60% of the votes for the EXR-GRL merger are already guaranteed
Have a read of AUT's 4th quarter report 30-07-07. While court approval is required, its seems to me this is a formality and GRL shareholder approval is the main decider for the merger go ahead
AUT state very clearly in their quarterly that EXR ,GRL, and AUT boards are fully behind the merger and this accounts for 60% of the votes
ie EXR hold 20% of GRL AUT hold 22% increasing to 29% post Pompano deal GRL directors (at time of prospectus)hold 6 million shares which is ~10%
Total ~60% given the current premium EXR are trading at, it seems a no brainer that the remaining GRL shareholders will vote yes for the ONE FOR ONE SCRIP MERGER.
So why the current 15-20% arbitrage ?
GRL Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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