This announcement should have no impact on the share price, if the market believes the deal will go through. I assume you are asking about the offer price in the second question? If so it has not moved.
I note earlier Pauljc noted that there is now an option to withdraw your acceptance, I believe this is true. The second point Pauljc raised was that HCM could not raise their offer under the Corporations Act, I believe this is incorrect, HCM maintain the ability to increase the offer price to achieve there targeted position.
As Whatsa' says, the big end of town are playing hard ball now. I also agree the Board have a lot of questions to answer. Have they considered that the reason the acceptances are slow is that the offer under values the company? What faith do they have in the Company moving forward. The recommendation to accept is basically saying that the company can't improve performance in the foreseeable future.
I have learnt a lot watching this Company, Warren Buffett is right, only invest in Company's that can be run by an idiot, as one day they will be. The Board appear to be trying to prove Mr Buffett correct once again.
If HCM want this deal done, the fastest way is to offer a fair price.
BKN Price at posting:
$3.21 Sentiment: Buy Disclosure: Held
