They are probably going to try to get a better deal from...

They are probably going to try to get a better deal from Carsome.

It is clear Patrick Grove and Catcha Group got a better sweetheart deal than the rest of the shareholders, and Collins probably thinks they can force Carsome to provide at least the same deal. I think Carsome won't want to be trapped with a minority holding in ICQ, so Collins St will threaten block the transaction at the meeting on 31 Jan, and using that as leverage, might be able to convince Carsome to increase the price.

The backstop is that if they fail to block it, they will just get 53c per share, which is more than what they're paying for on market now anyway.

The worst outcome (though I consider this very unlikely), is that Collins St blocks the deal, no Carsome plays hardball, goes nuclear and cancels the deal, remains a minority holder and ICQ will need to raise cash to continue to operate.

Anyone else have any thoughts on this?

I for one think shareholders got a bit stiffed by the revised deal, and I am happy to see Collins St try this. I've sold most of my shares, but kept a few as tickets to be part of the action as it unfolds.