Actually, since this company is registered in Delaware, there is a good chance that Actel, Gatefield management and potentially other "major" shareholders with conflicting issues (i.e. potential to sell large blocks of shares without completely depressing the stock price) might not be permitted to vote, so we still stand some chance that our votes will count.
ez:
What provision in the Del. Corp. Code are you referring to? What conflicts are you referring to? Just the ability to depress the stock price? Or the clear conflict that ACTL management who sit on GATE's board and hold interests in both ACTL and GATE stock clearly have? IOW, can you be more specific.
IMHO, the latter is a clear conflict, and should be a basis for the exclusion of such votes from any vote on approval of any buyout offer from ACTL. I just don't see how ACTL can avoid this, and any vote that includes their shares will be subject to scrutiny of a court in any challenge made by SHs who feel they are getting the short end of the stick, which is clearly apparent from this offer.
FWIW, hearsay evidence presented here & on other boards indicates that Idanta supports the present offer. We don't know where Infineon or Matsui stands, but remember, their basis is much lower than Idanta's and ours. So, notwithstanding the role of ACTL's shares, I don't know where any effort by individual SHs will lead. |
