Look, if you want to convert your USRX to cash today or next week or next month, a cash deal would have been a better deal. If you are willing to stay a long term investor, the COMS deal will probably work out to bring a better value.
I don't think they wanted to shop the company around too much, since they would have to reveal too much proprietary information to the ultimate non-acquiring parties, in addition to the fact that they could not keep it under wraps. Those are both short- and near-term negatives, which they avoided.
So, why not take a cash deal for a premium and let USRX shareholders reinvest the proceeds themselves? Because we (USR/3Com) believe we have a bright future, and we want all of the "free" capital. We've done well for ourselves and our shareholders in bringing good return on that capital, and we want to retain control so that we and they can continue to benefit.
Is it fair to folks who want to liquidate today? No, but life isn't fair. Also, the same situation could apply to any stock in your portfolio. |
