I doubt Kin will take up the current offer. They paid more than the offer and said they thought the shares were good value at what they paid. Delphi seem to have pretty deep pockets even if Kin don't so I doubt any stunts to tweak the %'s would work, and you have have to think the independent DCN directors would be sailing very close to the wind if they allowed a placement to Genesis and not Kin. Plus, as you say, DCN doesn't need the cash.
I doubt Delphi/Kin buy the GMD hype. St. Barbara and Delphi could both block a takeover of Kin, and Kin think they are sitting on a belt scale deposit and have started the deeper drilling. Delphi have backed Kin drilling all the way for years now, pretty much on their own in some cases. My guess is the DCM holdouts will do much better than those who took the GMD offer, once the offer expires and 4 months have passed, but I think Delphi / Kin would be looking for a merger not a takeover by GMD. I know Kin refer to their DCN holding as enabling, because they are focussed on regional consolidation, but they don't have enough shares to hand over control of DCN, they have enough to block. If GMD do get 100% of DCN my bet is it will take most of their pile of cash to get the last 24%.
Wouldn't be my first post turned out to be wrong though.
DCN Price at posting:
12.5¢ Sentiment: None Disclosure: Not Held
