You are correct in pointing out the hostile nature of the bidders statement. The threat of competing with CHL is an empty one tho, there is no way CPB could set up rival laboratories to compete against CHL. CHL have a very good niche market, and that explains the attraction as a t/o target.
Those shareholders who have signed their shares over to CPB do so on the basis that they will only be paid out for their shares if the CPB bid is successful and the company is able to acquire all the CCI shares. It also means if CPB has to up the ante and offer a higher bid, then CPB will pay out the shareholders at whatever the final bid is which enables the complete t/o to occurr. So the options are in fact a bit of security for the shareholders to get the best t/o offer, should such an offer prove to be successful. Of course if CPB walks away the shares will go back to the shareholders.
CHL Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
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