takeover with no premium, page-12

Zen

Hmmm .. you are presenting what could be seen as lots of "rationalisation" as to why a low-ball offer is OK. It may be OK for the company in the long-term but its not a good offer for current shareholders and particularly long-term shareholders IMHO.

And its a takeover without actually being a takeover!!!! We get 40% of the same old company back!! Same name and as far as I can see no additional capital or equity added .. we have simply been bought out of 60% of the company by private equity interests.

The ONLY and I repeat the ONLY positive that CSM managemnt offers as far as I can see (and as you posted) is that they perceive that they will have access to capital in the future. But as far as I can see there is no additional capital being added to the company n.. that is I contend that it was worth $2.28 or more with or without a buyout. Shareholders at this stage know very little about the detail of the deal......so at this stage to be positive we have to assume that additional capital WILL be made available. That's like accepting the rumour that the Russians are coming!!

Obviously today the market assessed that Gilbertson isn't going to rebirth the company soon enough for them to hand around and many exited at a loss. Is that a good outcome in a boom market do you reckon??

H