Management will always try and sell us the upside of a merger (as they did with superllc)even though we may get 'royally screwed' in the transfer of nta to the 'new centro'
i doubt the nta will be lower, because they need SH. approval..however who knows what they have in place to by-pass SH if they think SH will not approve the new merger. They haven't paid millions of dollars(SH divy's) to UBS and others to work in SH best interest, but to make the merger happen no matter what..IMO
So far all i can see is that the hedge funds are the biggest winners, they bought CNP debt for bargain prices,they got all of CNP's assets for zilch(including non-tangibles)(important to note,these will be in managements' sales pitch for the merger to happen)they indirectly won on superllc(no re-negotiations or deal on the equity positions in superllc by management prior to the sale), and they will have 51% controlling interest in CER after the CNP (handover or die)vote.
It's no wonder Orbis, or interest's held by Orbis are selling down their holdings.
I for one have 'no confidence' in this management, they seem to be puppets being munipulated by investment bankers for the purpose of one goal at any cost.
Lets see what evolves..
CER Price at posting:
33.0¢ Sentiment: None Disclosure: Held
