The value of Nuheara is not worth 8.4c, both Harman and Nuheara know this. JM wouldn't want to sell NUH for less than 150Million MC in my opinion. Harman simply provided the lowest possible premium without looking completely stupid.
Harman and Nuheara agreed for a scheme of arrangement to take place meaning both parties understood that shareholders had to vote on whether they would approved the price of 8.4c for a TO. I can guarantee most Top 20 wouldn't approved.
As I've previously mentioned on HC a multinational company will twist the arm of a penny to stock and try to bleed it dry to take it for a cheaper price and your explanation depicts that well.
Harman may have also dragged out the negotiations knowing the amount of money left for the quarter during DD so that cap raise was needed n the SP was shaken but may have also shot them selves in the foot by not understanding ASIC regulations and disclosure obligations.
I expect Harman and other multinational companies representatives to begin polishing their shoes, using extra hair gel and wearing their lucky tie and coming over to Perth. Well presentable and on their best behaviour "JM please we will give you 15-18c just don't give yourselves away to our competitor Harman".
On other news, was over in the US this week and the Harman takeover did raise some eyebrows with US investors and possibility might see some OTC buying.
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