A good idea, Steve. One thing however, about your 62.5% voting against it. The way this thing is going is beautifully playing into the hands of Triarc management. You have to hand it to these guys, they are brilliant even though they are dishonest to their own shareholders regarding their compensation at Triarc. Consider the facts:
1. Triarc makes bid for DRNK, way below intrinsic value and below market value, in percentage of shares of TRY, making special deal with 2 large shareholders and current management.
2. Triarc management knows their stock is way overvalued, dilution will make it overvalued even more, and the stock is on the way down.
3. As TRY stock declines due to both overvaluation and dilution, since DRNK bid is in percentage of TRY stock, DRNK stock dives as well as people sell in wild panic, allowing Triarc to pick up shares for even much cheaper than original buyout bid, on open market. Thus they gain an even larger percentage of company at way below bid price, and in the process make it more difficult for remaining shareholders to challenge their bid.
4. TRY continues to drop, making the buyout even cheaper.
I feel like I'm playing chess. ;-) I have to admit that this is a brilliant strategic move by TRY management.
After all this, I think Steve has the right idea. Does anyone have some free web space? I like the opening offer of $6.30 / share.
P.S. What could DRNK management have been thinking to accept a fixed percentage of TRY shares when TRY is so overvalued!!!???
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