I agree with everything you've said about Arcam and as you know been bullish on it for years. BUT, history is replete with those that think something is greater than its real worth and that worth is established by the market. The market valued arcam in the mid 20s and ge offered a 50% premium. That is a fact. I'm also sure that GE reached a consensus with the Board and probably some of the major stock holders re a fair price and that is also probably a fact. Consensus with the board certainly is. Why would GE pay a lot more than the market values the company at, especially when it already added 50%. The lack of competing bids and noise suggests that others view the price as fair as well. I also note that all of the companies you mentioned had enough cash on hand to offer the same price or somewhat more than GE. Do you really think the mere fact that GE has the most cash on hand, and could offer 50 or 90 (because you want it) means it will use that cash to overpay for Arcam??
I'm also disappointed that given all the potential EBM has, and the experimentation being done on EBM, so far the only part being utilized in the aviation field is the blades and most of the aviation parts that are nearing utilization are laser made. Is that not a fact?, Many more laser than EBM parts nearing utilization. That also goes into the valuation equation. If there are additional EBM parts nearing certification or flying please advise as would love to know about them.
So while arcam may have a very positive future, GE is fairly valuing it now, And with its clout, money, people (arcam has said getting qualified people has been difficult), technology, and the ability to utilize the best of both ebm and laser, GE will help them be the best that they can be.
GE got 40% of the shares at the end of the last period and could have taken them and 40% of the company with a pen stoke. We will now see in light of 2 bad quarters in a row, 3q being extremely bad, what percentage of the company GE gets at the end of this period and whether it accepts the shares again with a stoke of the pen. That is why the number of tendered shares is important, but we won't know what ownership percentage they reflect towards GE's goals till the end. I hope its 50%+ as that will allow ge operational control and be beneficial for both companies.
