This is a different question. I don’t think the board should have encouraged the shareholders to have accepted the first SLR bid.
In the case of the Adaman bid they needed to give Adaman time to arrange financing. EGA had no ability to bury Adaman’s bid since Adaman could go public with it whenever they wanted. Allowing Adaman time to put together a credible bid was the right thing to do especially as the shareholders had already told SLR their first bid was inadequate.
EGA Price at posting:
51.0¢ Sentiment: Hold Disclosure: Held
