"If I owned the target's shares, a few cents per share more than the EMR would not likely persuade me to accept a possible more remunerative Au Xingao offer."
But basically you could take your cash, and immediately purchase somewhat more shares than what you would get under the 1:43 share distribution. So someone just looking at it flat could see it as having their cake AND eating it.
The thing that needs to be dialed in is how serious the Chinese offer really is, how long will it take to get from a provisional offer to a real offer (if ever), how long to get the cash, and whilst all that happens, whats happened to the EMR SP and maybe now the SP favours having received EMR shares instead of cash.
The EMR offer is real, its there, and it is unconditional.
at this time the chinese "offer" is little more than theoretical imo, with a number of ways that it can fall away. Is a theoretical, but possibly unachievable 20% improvement at some time in the future better than a guaranteed offer today ?
EMR Price at posting:
$1.05 Sentiment: None Disclosure: Not Held
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