I wonder what happens to those s/h who intend to accept STX proposal, IF WGO declare Hancock's bid of 28c is "Superior". Especially if the STX share price remains at say 32c? it's a meaningful difference between 28c and 32c.
My interpretation is that those s/h have the right to back-out of their deal with STX, if a "superior" proposal is made. But I guess if that declaration is made by WGO Board?
ie, what if WGO Board thinks Hancock's proposal is "superior", but those s/h do not?
One would think that those s/h could ignore WGO advice, and still sell into STX offer.
OR - they could dismiss their deal with STX, and accept into Hancock offer, as it will be Unconditional on Friday, AND it could be declared "Superior"?
Am not sure on timing, but I think WGO said they would determine "superiority" when Target Statement comes out next year?
ie "subject to a superior proposal emerging" --- what is the basis for determining if an offer is "superior".
