Its hard to say. I think the board are in a difficult position. This is because the offer is good compared to current market prices but also delivers control to a party without a full bid being made to all shareholders. Also I think the premium to NTA is weak and that will be another issue the board will probably have something to say about.
The NTA is around 21 cents. The extra 2 cents is small beer to get control of the $28M in cash that is in the bank.
GLI Price at posting:
0.0¢ Sentiment: None Disclosure: Held
