"There are all sorts of provisions aimed at trying to shut out a competing bid"
Calm down, the conditions are pretty standard with a an agreed takeover I believe that it's called a "no shop" clause which means that the board and/or others associated wit the target company cannot solicit competing bids.
However it does not prevent another party from lobbing a "hostile" offer(ie not approved or sanctioned by the target comapany board)into the fray. And although I am not familiar with the the going rate, the $300,000 break fee does not seem particularly onerous. That's not to say I would welcome paying it from my pocket. However in the event of a successful competing bid then the break fee ought to be covered (in effect) by the wining bidder.
Cheers
U.Plodder
SBL Price at posting:
1.6¢ Sentiment: Hold Disclosure: Held
