ezcorp offer and global strategic alliance

ASX ANN today
CCV 8:26 AM EZCORP Offer and Global Strategic Alliance
http://www.asx.com.au/asx/statistics...idsId=01163916

The 91 cents offer is equal to the March 9 2011 monthly high of 91 cents!!!!
-- is this a good offer for shareholders or a bargain for EZCORP???

The SP has been sold down since the high of 91 cents on 09/03/2011
-- have folk been playing games with the SP!!!

Trade History
sec Date......... Close Volume
CCV 21/03/2011 0.830 457,357
CCV 18/03/2011 0.815 535,369
CCV 17/03/2011 0.785 892,895
CCV 16/03/2011 0.780 656,803
CCV 15/03/2011 0.780 1,708,724
CCV 14/03/2011 0.775 1,690,393
CCV 11/03/2011 0.820 1,328,364
CCV 10/03/2011 0.850 526,340
CCV 09/03/2011 0.905 533,203


News article:

http://www.wabusinessnews.com.au/en-...=article_click

Cash Converters enters US alliance
22-March-11 by AAP


Pawn broker Cash Converters International will sell majority ownership in the company as part of a strategic relationship to be formed with US-based EZCORP.

The strategic alliance is to develop and introduce a suite of financial services products under the Cash Converters brand globally, Perth-based Cash Converters said in a statement.

As part of the alliance, EZCORP will buy 30 per cent of Cash Converters shares it doesn't already own, taking its stake in the Australian company to a controlling 53 per cent.

EZCORP is offering 91 cents cash per share, which is a 9.6 per cent premium to Cash Converters' last closing price of 83 cents per share.

EZCORP's offer is worth a total $70 million and will be completed through a scheme of arrangement..

Cash Converters said it had formed an independent board committee, excluding the EZCORP nominees of the board, to consider the offer.

The independent committee unanimously supports the proposed offer, in the absence of a superior proposal.

Cash Converters chief executive Peter Cumins said EZCORP had already been a good partner and the alliance would enhance the relationship.

"By giving us access to EZCORP's financial resources, management expertise and systems, this strategic alliance both expands and accellerates our strategic growth plan, opening up many new opportunities for Cash Converters," he said.

EZCORP CEO Paul Rothamel said Cash Converters had a great business model and brand.

"Having it recognised in 21 countries accellerates our long-term strategic goal of being a global provider of integrated financial solutions to our customer demographic," he said.