Originally posted by imback
I've been through two Scheme of Arrangements recently. There can definitely be other bidders, its just that NTC can't going shopping the company around i.e. it must be an unsolicited bid. If they get an unsolicited bid, Board will assess if in best interest of shareholders to entertain the bid, i.e. open up book and enter discussions with new bidder with hope of getting firm bid. They inform Casa and they will have an opportunity to come back with alternate offer.
Very similar thing happened with SRX. Scheme of Arrangement put in place after a very open process where they opened up their books to bidders. An American company came through with a Scheme of Arrangement offer which was accepted by Board. Then one before vote (around 2 months later) a Chinese company offered another 20%. Board had to inform US company and go into long negotiations with Chinese company. Eventually Board was happy with Chinese bid and recommend. US company was not prepared to pay more, so eventually new Scheme of arrangement was voted positively by shareholders 2 months after that. Long process, but was worth it.
Just a reminder this bid by Casa was unsolicited and no other company has had access to the books like Casa has had to date to enable another offer.
A lot of grumpy posters on this Board ... but presumably not as grumpy as those who sold out their shares at 70-something cents in the last few weeks.
And the fact is that that is where the market was - at 70-ish cents And for all those complaining about $1.10 ... well, they had the opportunity to put their money where their mouth is and buy more at 70c, and if they had all done that (and yes I did), ... then it would not have been sitting at 70c. I don't think shareholders, as a group, can have it both ways: shareholders collectively are responsible for the price sitting at 70-ish cents (I always thought it was oversold at 80c and posted on this group to say same) ... but if that is where the market priced it, you can't complain when it goes up 50%.
The big losers in this are those that lost faith, and sold out their shares at 70 to 80c, spoiling it mostly for themselves.
