Who is your source for the view that any deal will be on worse terms?
I would find it incredibly odd if RNC (and its advisors) did not request a higher offer price if there was a larger scrip component to the deal. That's M&A 101.
It could be a lower offer, with greater scrip, to get the deal over the line, but that does not solve the two issues RNC mgmt face: 1. Lack of liquidity for their holdings 2. The large discount to intrinsic value
The lack of sell off after RNC cancelled the original deal, is indicative of confidence by one or more parties in the know IMO. Someone has been taking the other side of your view "to lighten" and is bidding it up. Why would someone take the risk given the deal's uncertainty? We'll see.
At this rate, there will be a final dividend in my bank account before this is over.
RNC Price at posting:
21.0¢ Sentiment: Hold Disclosure: Held
