Check out the new Christmas look of the Gravis web page.....
Also:
Upon further reading of the latest Gravis news release, I see that the 75% vote (in which ACCO/Pyramid can vote their shares) is only a vote to allow the 2nd tender offer at 50 cents. What is still not clear is what percentage of the remaining (i.e. minority) stockholders that ACCO needs to get in order to acquire all the remaining stock.
The original tender offer implied that either a simple (50%) or 2/3 majority of the minority shareholders would be required for the tender to affect ALL the remaining minority shareholders. Since ACCO currently has 73.6% of the stock, a simple majority would give them 86.8% of the stock, and a 2/3 majority would give them 91.2% of the total Gravis stock. I have also heard that British Colombia Security Rules stipulate a 90% rule for acquiring all stock in a tender offer. Hence at somewhere between 86.8% and 91.2% of the stock, ACCO will acquire all the stock.
Now, given this scenario, what are the chances that ACCO will acquire the rest of the stock? (which is clearly their objective....)
I think they are rather poor. Most of the minority shareholders that are left already rejected a 45 cent tender offer, and only a relatively small amount of stock has traded hands since that date. 50 cents is still significantly less than what most longer term holders bought in at, and, more significantly, is much less than what Gravis is actually worth. Third quarter results should be forthcoming, but it is the fourth quarter results that will show significant profits for Gravis and prove, once and for all, that Gravis is back on its feet financially. This is clearly the strongest product line that Gravis has had in many years (if not ever), and they should reap significant gains. This is clearly a 40 million dollar (Ca.) company NOW, and worth a lot more if the 4th quarter is as good as I expect it to be. Valueing the company at 10 million dollars (Ca.) is rather condescending (to the minority shareholders) and extremely self-serving (to ACCO....)
But of course, this all depends on who the big players are that are left holding Gravis stock, and also if they are sick and tired of all the games that they have been through. Well, I am a little sick myself, but that just makes me even more resolved to not tender my stock to the current majority stockholders. If they want my stock, they can buy it at market price. I will never tender it, regardless of the offer price. |
