Potential future view....
Who see's Westgold being able to pickup the combined GCY/FFR entity for the same if not cheaper now (cost per share.. not total cost.. still representing great value)?
Considering they know they have at least 47% major holders willing to part with they shares for 0.53.... Assuming that they did not have any FFR holdings, that would equate to still 31%. So essentially they still only need 19% of the vote to get the deal done. No doubt there are still a lot of retailers/minor holders that will take the 0.53 deal still... say 5-10% would have them at 36-41%. Now the smart play would be to do as GOR did and be hoovering up all the people selling out post merger under the offer price. This would cost average them down to about .45 for their offer. Of the 34% newly created GCY from FFR, one could assume that at least half of them will be happy to sell out at a better deal immediately.
Boom... WGX has just picked up the combined entity for less per share than they were offering pre-merger. So essentially get the whole package for 160 million. Still a great deal for them. If they can afford it.
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