Samson (and the block) are not required to accept the SD offer until the last day that the deal closes as it was extended before the deadline.
"[They will accept] by Friday, 30 October 2020 if Shandong Gold has not otherwise extended its offer period by 10:00am on Friday 30 October, or if Shandong Gold has extended its offer by 10:00am on Friday 30 October, they intend to accept the Shandong Gold Offer by 5:30pm (AEDT) on the new last day of the Shandong Gold Offer period subject to [no higher offer]"
Collateralising their stock likely provides Samson with additional cheap financing to make a legitimate higher and competing takeover offer at ~$1.005. Given that management (tag along rights) and Samson have a combined interest of >12% of the company, there are huge incentives for both of them to make this happen.
Patience will be rewarded, whether its 1.05, 1.5 or higher is anyones guess.
CDV Price at posting:
$1.01 Sentiment: Hold Disclosure: Held
