We will see. I have never seen a CEO saying in a conference call that they are in the midst of selling their company while running a strategic review process. I am not basing my view on his victory lap comment. There is only one way out for them which they know clearly and PP calls the shots for everything and they need money. The strategic review, reference to the major transaction in the last extension, incurrence of legal fees and expenses even in Q3, prepaid interests on converts and many other well discussed topics on here point to one thing in my view. Obviously, the volume and the SP would be higher if there was more conviction but one should not expect much from a tight lipped management or a company which is not touched by 99% of the investing community. Hard not to be pessimistic when you don't hear anything from them day in day out but the case for a buyout is extremely strong and it will happen in my view. In terms of it would have leaked and the price would be higher comments: don't forget that PP is under extreme scrutiny and they are keeping everything in extreme secrecy in order not to add to their existing problems in my view. Microsoft bought LinkedIn at a c.30bn transaction and the premium was 50% from closing price. Therefore, the leaks etc. can be very misleading. Time to focus on the facts and make a call.
Good luck.
