It's all about strategy. JB would have known that VMY was never going to accept a binding offer based on those terms without being able to do any due diligence. Who keeps a serious offer open for only 3 days. I mean really come on.
What it does do is flush out VMY's board and forces them to publicly deal with DYL's proposal. Their initial offer also seeks to anchor future negotiations.
Whether DYL is ultimately successful will depend on VMY's big shareholders who will need to be convinced its a great deal. To me its not and I would expect them to think the same way.
VMY Price at posting:
28.0¢ Sentiment: Buy Disclosure: Held
