The funds negotiated their price? Yes? You would assume there...

The funds negotiated their price? Yes? You would assume there would be some negotiation of the price?

Matt's question is a valid one. How can someone say the funds got their shares cheap, and at the same time say the current shareprice is fully valued? Which one is it???? Can't be both

Perhaps a more even handed explanation (although less palatable to the former HRR bulls who paid way too much for their shares - myself included) is the CR price was approximately fair, and the current SP is approximately market value.

This neatly explains why (a) Wayne was unable to find anyone prepared to pay a higher price (despite having engaged the market over many months), (b) all the current directors (many of whom have large personal holdings) are voting for the deal, and (c) the SP has hovered around (or slightly above) the CR price