4DS - Anything but Charting, page-27485

spookfish, livetiles, vocus, are 3 coporate transactions ive had direct observation of, and in all cases, the shareprice is the basis of the offer.

it goes like this.

1. share price trades to a point and then hits trading halt
2. offer to buyout is annoucned to market, and taken to meeting.
3. meeting results in vote to accept or not.


the language of the buyout offer, ALWAYS says something to the effect of "offer to buy at <amount> which represents a x% premium on the last 2 weeks vwap. the board believes this is an excellent value for shareholders and encourages you to consider this offer carefully"

e.g SHARE PRICE IS IMPORTANT.