Management put in an offer for a company that clearly has a strategic benefit to the organisation. They got gazumped at the last minute by a significant amount, which says their first offer would have been a good one for shareholders. They've had what a week now to do some financial modelling and work out whether a counter offer and for how much would still be in shareholders best interests. As a shareholder I want them to this before they walk away from the deal.
I tend to agree with others on the profit annoucementl but if a coutner offer is to be premised on cash and equity in a new venture or IBA itself, they were worried about punters dumping the stock, which they have to dilute the deal. They shouldn't have done it never the less.
IBA Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
