VCM made a public offer for the 10 million outstanding shares of PRT. The offer was structured
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VCM made a public offer for the 10 million outstanding shares of PRT. The offer was structured as follows: cash offer of $95 per share for 50.1% of the shares offered (with prorated acceptance of the shares offered, in the event that more than 50.1% of the shares are offered ) plus four different types of securities, with a total estimated value of $80, for the remaining shares. The offer is conditional on at least 50.1% of the shares being offered and, if this condition is met, VCM will compulsorily acquire the remaining shares in exchange for the package of securities. You own 1,000 shares of PRT and believe your shares are worth more than $95.
What should be your best/optimal response strategy to the VCM offer?
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