Well, now we know - $3.25 on the low end, and $4.22 on the high end.
I guess my vote would fall under the category of, No way in hell!!
I did notice that Sam Simpson gets a nice little three-year employment pact out of this. I wasn't able to find how much pieces of silver Mr. Iscariot is getting, but one can guess he is being "compensated" for selling his shares below the market close on the 24th. Who in their right mind would negotiate a deal whereas, first of all, the sales price is well below the co.'s intrinsic value, and second of all, w/ the the high price topping off at only $4.22, giving TRY the co. for potentially even another 23% less @ $3.25?
Lance, Steve, and all - what's the next plan of attack?
Obviously, a steady stream of communication to the co. (DRNK, that is; not TRY, as they are simply the buyers in this case), expressing the collective displeasure would be in order. I can't imagine Amy Bolding or Sam Simpson thinking we'd be satisfied w/ this deal as detailed by the 8K.
We can easily document a nice run up on the stock price just prior to the announcement of the merger. Would blowing the whistle to the SEC do any good at this time? It is very likely that the word did get out, as there was clearly no out-of-the-ordinary news events causing the run-up (keep in mind Amy Bolding's comment to me on this, and I am willing to go on record repeating it). DRNK did announce an outstanding quarter, but that was back in May, well before the run-up. The point can also be made that preceding earnings announcements did little to cause such a run-up, despite impressive results.
Any merit in trying to get the attention of any other possible buyers of the co. who might find the price attractive @ these fire sale prices? I realize that this is kind of shooting in the dark, but desperate times and all that stuff... I'm willing to start making phone calls to Pepsico, et al, if the collective sentiment is that it would do any good.
I am completely dumbfounded as to the motivation of why Simpson would sell the co. so cheaply. It is apparent to anybody w/ half a brain that Triarc is making a killing on this. The day after this deal would be closed, there would be nothing stopping Triarc from flipping the co. for quite a nice little profit (unless this is prohibited by the merger agreement, which I doubt as I don't recall seeing anything about that therein). For Simpson to sell the co. for so little makes me think there's something we don't see.
I can quite honestly say I've never seen anything like this. This would not be unlike the Dutch buying Manhattan from the Indians at 30% off the price they did get it at, further rubbing salt in the wounds by also getting the tribe to validate their parking while the trinkets were being transloaded. Well, you know what I mean.
I personally don't have interest in so many shares that I'd make a fortune on a higher price, but the principal does cry out for a better retun on investment than this. |
