"(My limited understanding is this: because PDY is a public company they cannot just reject the deal and move on.)"
That is correct obcd.
The offer has to be put on the tale and it is up to the shareholders to either accept it or refuse it, once it is in play.
All the Board can do is recommending that the shareholders take no action on the offer, and do not accept it as not being representative of the real full value (Undervalued) of their shares. It then remains to the individual shareholder to act upon as he/she wish.
But, for a shareholder to accept an offer that the Board recommend the refusal as being undervalued, he would have to have rocks in his head. Unless of course he doesn't like the way the Board has been acting in the past, and he wants to see out.
Buddy
PDY Price at posting:
1.4¢ Sentiment: None Disclosure: Held
