When GMD made their first offer my personal opinion was that an...

When GMD made their first offer my personal opinion was that an implied threat to "delist" shares of those who did not accept was slippery and misleading. It seemed likely that some would infer the shares might just vanish if GMD so chose.

This time there is to my eye an implied threat that GMD can compulsorily acquire remaining shares for whatever cash amount GMD chooses, unless one reads the footnotes and then the detailed offer.

My understanding the cash acquisition, if it came to that, would have to be an amount declared fair by an independent expert, and that if some remaining shareholders objected (a) GMD would have to pay court costs and (b) GMD would have to persuade a court the offer was fair. So a long way from whatever GMD chooses to pay.

I think they will get to 95% easily, and the cash offer won't arise. I also think it is likely a cash offer could be less than the $ value of the TO offer and be deemed fair by an independent expert and a court. Presumably those selling on the market now think that, and those buying plan to take up the offer, but who knows.

I am just expressing an opinion about the impression the two TO offers have given me of GMD management. Don't turn your back on these guys is my opinion.

There isn't a sentiment for this situation, but I have accepted the offer.