Lex you said...The board have made the right decision.
$6.25 offer is an insult. Try $7.50 and then your talking.
Why take the first offer in an auction?
Who needs a TO anyway?
No they didn't, they've done their stakeholders a big disservice by not recommending any bid and the highest bid at that and then allowing the market decide the future of COA!
They have failed to extract the maximum value for their stakeholders but i couldn't give a fat rats clacker becuase i don't hold COA stock.
$6.25 is not an insault, it's about approximately what their worth given the under performance,and as for your $7.50 to qoute from the movie 'THE CASTLE' tell'm their dreaming!
Coa board and mgmt should have taken the the offer if it was above market value because thay (COA)have failed to deliver
If it was the $6.25 as reported and touted in market circles then not accepting the offer is a disgrace and they should all hang their heads in shame and resign or revisit their asking price in light of the global credit crunch/tightening affecting so many and pick up the phone and call the bidders that they previously knocked back
Basically what they were saying to the bidders and the market as a whole was,they were not willing to forgoe apporoximately in total next years full divi's,rather and punt on extracting the extra cents they were after (from the unnamed bidders) by growth in eps due, operational performance and cost restraints.
COA
coates hire limited
