I’ve posted plenty about poison pills and takeovers. But recently, there have been some “takeunders.” A takeunder is an acquisition where the buyer pays less per share than the current trading price. The most recent example of this Lawson Software, which just received a bid that valued the company at $0.30 less than its trading price.
For shareholders, a takeunder transaction is a slap in the face, because shareholders could sell their shares instantly on the open market for more than the transaction offers, when the transaction should provide a premium for control of the company.
Here, Lawson’s board must decide if this is a fair deal. It certainly does not look like that is the case.
{ 0 comments… add one now }