It looks like stone came tothe party without having done any DD on CRE
I wonder if they just had some cash and were looking for any gold assett.
They then decided to jump on the coat tails of FML's due dilligence and started buying CRE up to 6.5/6.6 (what FML valued them at at time of offer). Figuring if FML valued them at X and they were up for sale they had a chance of coming in and picking up a company that was on the market. An opportunistic play rather than a well thought out one
Now they are stuffed, have to make a blind offer, go with FML or risk being hung out to dry with their CRE holdings.
Seems to me they have exposed themselves to a lot of risk. Cornered rats are always troublesome, you dont know what they will do.
FML Price at posting:
6.5¢ Sentiment: Hold Disclosure: Held
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