Please don't contempt the shareholders' intelligence. Who does not already know what you said? The point here many want to make is that SBM board have not made any effort to protect the shareholders' interest before it's too late. On the contrary they just cornered the shareholders purposely to sell the assets to GMD.
Selling core assets is bad enough, selling without value discovery is even worse, and selling without putting the owners' interest at the top is worst.
Agree with you mostly, except the board's concern on their careers. Those are mostly old bones, likely they don't care about future career. As long as they can get several hundred million $ for their disposal, it's good for the rest of their life.
SBM Price at posting:
54.5¢ Sentiment: None Disclosure: Held
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