Yes 90% threshold is very negative for remaining share holders, typically they get a cent per share. But having any company holding lots of equity is a negative because they can block another bid. Is CTP now a TO target for any other company apart from the obvious predator? I doubt it. Also very negative for the SP to have an unconventional TO underway. No investor wants to be left holding shares in the last 10% or so. No one really wants to be on board the ship when Board control passes to the predator either and that's not even 50% of shares. Of course a stampede to the exits suits the predator very nicely.
My opinion DYOR
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