"If the board, stacked by Somers, advocates that the shares be sold, they might, because of the valuation, open themselves to a class action."
Your sentence reads as if you expect that there might be some further statement from the Somers appointed directors or a further statement by the Thorn board reflecting input from the Somers appointed directors.
Whereas, it is my understanding that the Target's Statement that has been issued is the Thorn Board's formal formal opinion on the offer. The two Somers appointed directors on the Thorn board are recused from participation in the preparation of the Target's Statement because of their obvious conflict of interest. Consequently, the Target's statement, as authorised by the independent director, is Thorn's only formal statement about the Somers bid. Refer to the sign-off on page 44 of the Target's Statement..
"Signed for and on behalf of Thorn by: Paul Oneile Independent DirectorDate: 16 July 2021"
I am pretty sure that the two Somers appointed directors will not be saying anything in their own name. Any input that they have would be via bidder's statements.
There have been a lot of shares transacted above the offer price subsequent to the bid announcement, so somebody thinks it is not a done deal at $0.21.
Going back quite a few years, I recall that you wrote that had a big holding in TGA. I hope that you got out of some of that prior to where we find ourselves today. I regret that I wasn't smart enough to do that. It would take a lot more than $0.30 for me to break even. It will just rub salt in the wound if I am now screwed over for that last morsel of value.
