OGG, I disagree on management attitude, it's simple, AZZ management has the same goal as holders, get the most cash per share, a takeover was always the plan, but perhaps the original plan was 2-5 years down the track.
Now the sale is brought forward. Why? I feel more than a couple of reasons, too many to dissect and actually irrelevant now that AZZ holders find ourselves here.
So, focus on the sale, and the signs are positive: -The quarterly states almost $10M in the bank plus recurring income. That should see AZZ hold out to the end of the year, no desperate CR. -Free marketing with HWK drilling an 8000ft lateral on the term assignment. -Patersons are jumping back on board (surprise surprise) -Financial markets are holding up (but always subject to change at the drop of a hat) -Recent Eagle Ford transactions are considerably higher that the market valuation -There is a timeline to conclude the sale by end of November.
So, things are pointing up, and I imagine (and hope) it will flush out a full takeover.
As always, just a view, DYOR
AZZ Price at posting:
44.5¢ Sentiment: ST Buy Disclosure: Held