"They're being sold quite a bit less than the $2 offer—why?"
@Xfarmer
Firstly, Sumitomo has not made "an offer". They have submitted a conditional expression of interest. They are looking "under the hood" and are free to walk away if they choose.
Secondly, I think that "the market" doubts that the Cynata board will recommend the acceptance of a $2 unconditional bid to the shareholders. Without such a recommendation, the takeover is dead in the water.
In either case, $2 isn't a particularly good benchmark of value.
All the best.
Fair Value Please, page-202
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| Open | High | Low | Value | Volume |
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