09-17-2014, 01:45 AM
It's always been $120. Enough to pay for what is expected plus a little premium for undiscovered assets. A nice profit for all and not so high that the buyer walks away. The longer we wait for WBR the more it tells me Hession knows the results won't add much value and he realizes a conforming bid will follow. A conforming bid will result in a vote, not a unilateral decision by Hession. If the board decides to trigger the poison pill they can provided the bid is deemed non conforming. By way of example a conforming bid at $60 with the poison pill triggered takes it to $120 if every shareholder turns down $60. On the other hand a conforming bid at $100 makes a lot of people think twice and eventually gets negotiated to $120 and approved by a vote. Done deal and no 8 years of waiting for 2 birds in the bush.