I agree with all that you say, except that I was surprised to see management choose a Chinese VC fund as their "strategic investor". The message I took away from the last couple of interviews with John was that they getting strong interest from many suitors, and would be able to pick the "best offer", on terms preferred by VR8. I don't see how this could be the best offer at all, if anything many would see them as the least desirable partner. Yes, the 11c premium is good, but not if you've handed over 10% of the company at bargain basement prices.
All IMHO, DYOR
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