Agreed. RG is not picking up any on market at these prices. My guess is that acceptances off market have also slowed to a trickle.Keep an eye on the progress of 3Y notices which must be given within 5 business days, even if the number of shares covered is tiny.
My only concern is that the bidder will strongly ramp up an alarmist campaign of bullying the holdouts, in the hope that they are not aware of the higher market price.
It would be really good if the TIC parties paid for newspaper ads to encourage holdouts not to accept the bid or, at least, if they want to sell, to do so at the higher prices available on market. The independent directors should already have published such ads to provide helpful commentary to shareholders, but they stupidly agreed to make “best endeavours” to support the bid, which would preclude taking such action, even though it is common sense. The duty of directors is to the company as a whole, but they have not served the minority PGH holders well.
Not advice. DYOR.
PGH Price at posting:
90.0¢ Sentiment: Hold Disclosure: Not Held
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