Note the cleverly worded director's recommendation: "The Voting Directors of HML recommend that Shareholders TAKE NO ACTION in relation to the JBL Offer and wait until they have received and read in full the HML’s Supplementary Target’s Statement and Supplementary Independent Expert’s Report to be issued by HML by no later than 30 March 2019."
The directors are recommending that shareholders "take no action" as a director acting in HML shareholders' best interest should recommend, but they've added the condition "until you've received the Supplementary Target’s Statement and Supplementary Independent Expert’s Report". But come on, seriously, I think the HML directors know the offer stinks enough to be able to recommend "take no action" period - no conditions or caveats.
It will be interesting to see how they try and spin the director's recommendation in the Supplementary Target's Statement.
HML Price at posting:
$1.99 Sentiment: Sell Disclosure: Held
