Of course, you refuse to sell to them unless they can offer enough comfort ( security a huge amount down etc) to ensure you get your money and you certainly don't allow them to merge their business with yours unless you have the bulk of your money. What's the use of entering into a transaction in the hope that the experiences of others won't happen to you. Why extend the closing date if they then prove they haven't got the funds not once but twice.
What experience do they have with acquisitions - they bought Diversa and then a few years later they sold the lions share of that. That is what they are not getting paid for. I am not even sure if they got what they paid for Diversa even at $43 million.
There is an old saying if it doesn't happen then don't push it. I wish they just came cap in hand for a CR rather than sell Diversa. It was $10 million they needed to settle KPMG. The Diversa business delivered profits.
The Chair came from Diversa and before that he was CEO of IOOF as far as I recall and has a lot of experience so I thought it was all buttoned up - not so sure now. I hope my fears are wrong but my largest complaint still exists - lack of adequate communication in my opinion.
OVH Price at posting:
29.5¢ Sentiment: None Disclosure: Held
