This is 100% the result of Peter Cook and his ego IMHO. He just cannot let go of his old habits. Such a weak increase just matches WGX history of under-performance. They are literally penny pinching. Who is going to look back and say... gee, it was great that WGX paid $6m less for GCY assets..... (i.e. $6m more would have been a ratio closer to 3.5 to 1 shares, which is what I was expecting as the lowest possible ratio that may get the deal done).
Yet.... I am not surprised....
To announce to the market, we have definitely, secured... the support of just over 10% of all GCYs shares... says it all. WGX.... just in case you missed it, that means, approx 89% still are not keen (though it would seem some retail holders are happy enough with any offer).....!
I think if they had offered a ratio of 1 WGX for 3.25 GCY, the Board would roll over (because the major shareholders will tell them too). Ball still in your court WGX.
WGX Price at posting:
$1.90 Sentiment: Hold Disclosure: Held
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