pcockley, In my opinion you are absolutely correct, it costs...

pcockley,

In my opinion you are absolutely correct, it costs very little relatively for the hedge funds to increase the offer to the shareholders.

This is why to me it is strange that GPG did not get a better offer.

Everyone, including GPG, knew that the people with the most to loose were the banks / hedge funds from putting the finance co into administration - this had been confirmed by forensic accountants (hired by the banks) some time ago.

However, shareholders had to be able to make the threat real - and GPG was the only one at the table - and they seem to have settled for 10 cents.