Q: Hi, PKI is trading well below the Sunoco offer. Who would vote Yes to such an offer?
Major shareholders: Simpson Oil 20%, surely not, FMR LLC (Fidelity) 11% ? , Engine Capital 2.5% said NO on Friday.
When will a new offer come? Probably at the last minute, it happens a lot.
Great weekend to you.
Major shareholders: Simpson Oil 20%, surely not, FMR LLC (Fidelity) 11% ? , Engine Capital 2.5% said NO on Friday.
When will a new offer come? Probably at the last minute, it happens a lot.
Great weekend to you.
5i Research Answer:
Simpson on JUne 6 indicated it was in favour of the company. Engine Capital is not happy. It is not a great transaction, in our view, and the sales process certainly did seem rushed. But the merged company could still provide some upside to shareholders (via stock). Changes are needed at the company, but we do think a higher offer would have made this whole process smoother. Generally a revised bid from Sunoco would come 'late', after many discussions with shareholders to see what it would take. A possible 'new' bid however from a third party is running somewhat out of time, though.