Based on a quick read they need 75% of shareholders to vote in favour based on headcount test and value (the latter is less of a concern).
I do think if PRN and DDH prices both go lower they will struggle to get there. Right now the implied TO price is around 94 cents. In my view that's still quite some way from fair value.
If you think this deal is bad, say so here. You can bet the number crunchers doing this deal are reading.
I for one think the bid is poor and intend to vote no. If they want a yes, they should increase the offer and cash consideration component.
If management really think this is such a great deal, they should accept all script. Bet they don't though.
DDH Price at posting:
91.5¢ Sentiment: None Disclosure: Held
