fyi article, page-20

Thanks TP. There are still 48% shares unsold and the owners (other than the Directors and management, who are just hoping against all hope) genuinely think that BPT will raise their offer when they see that Independent Valuation Report???
It's too opaque for me to even try to read any "logic" into what has happened. BPT already had virtual "control" of ADE and with so much time before "things" were to "happen" why spend 74 million to take all of ADE NOW?? And only weeks after offering them 40 cents to exercise options which the SH of ADE rejected.
My only guess, is that "something" only known to ADE and BPT, has created this new hostility for BPT to take such action, seemingly to catch everyone by surprise and have succeeded very brilliantly. They have "control" and what happens to the offer from now on is in their hands and with virtually no risk from any outside source The "valuation" will certainly make the 20 cent offer look sick, but, so what, will the BPT dominated and controlled ADE Board demand an increase in the offer!!!
As ADE's number 2 shareholder was still buying heavily right up to the T/O ann by BPT, the only two conclusions that can possibly be drawn from that are that the offer WAS a complete surprise, or, if not, then Walker must certainly have known about it while he was buying as many as he could. The fact that he sold out in the first hour "suggests" that he was completely peed off or (I won't even suggest it).
Now let's see what BPT does (a) to ADE's Board and management and most importantly for ICN, how they will treat ICN now that they are the only ones that ICN has to deal with re 218 and 855, ICN's major "assets."