I agree with both your sentiments and expand on my previous comments as posted in the original TO thread.
BGH is rightfully aggrieved, and I suspect BGH is preparing a superior counter offer. With this in mind the bidding war should continue a little while longer. The deed that CapVest and the VRT Board entered into doesn't appear to maximise shareholder value nor fulfil the board's fiduciary duty to maximise value. Hopefully the TO panel respond well to BGH's request so we can have final and best offers from both bidders ASAP. Although I'm somewhat dubious of this (given the freedom commercial entities have to strike a deal), I wouldn't be surprised if the rights to exclusivity are dropped at a minimum.
This may end up being a protracted TO i.e. more than 3 months, however I'm still hopeful of an offer ~5-10% higher than the $7.60 currently on the table.
Watch this space.
SS
VRT Price at posting:
$7.22 Sentiment: Hold Disclosure: Held
