I have been musing the diff between $102m price and the SP.
Early on one poster valued the 85% offer at 49c for but allowed for delayed $20m until.1st shipment to reduce SP to 38c.
Since then the SH voted in fav of accepting deal.
Why then is market valuing at 23.5c?
If the deal doesnt go ahead I would accept that pricing.
So why the signifcant drop below cash value (SOI/ 102m - 20m delayed by 1 to 2 years)?
Fear of buyer pulling out due to FE price drop? Fear that FIRB will not approve? Price manipulation by potential hostile offerrer? Buying by potential new suitor? MC allowing his 15% to be short sold for some other motive.
I am somewhat confused by the price action over last few weeks.
Any thoughts?
CZR Price at posting:
23.5¢ Sentiment: Hold Disclosure: Held
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