Tam/Cleos, tam is right as far as he went on the tender offer. Ge picked 90% ownership due to Swedish law as that gives them the power to force the sale of the remaining 10% and obtain complete ownership However, as GE said clearly in its offer, it retains the option to accept less than 90% of the company and will have basic ownership with any percentage over 50% and I think for the reasons I've specified GE will accept less than 90%. How much less is up to them but I would not even be surprised if it accepts even less than 50% as it will give then influence, prevent anyone else from buying the company and allow then to continue buying with time. GE probably will not get the 90% because companies like Elliot have probably already own 10% in an attempt to extort a premium from GE. That is their MO.
Where I disagree is how best to play the tender if GE does not get the 90%. In such a case GE will continue to trade and as TAM said the market will dictate the pps.
You guys know I've vey bullish on Arcam. However, if GE does not get its 90% the stock may well go down to its pre tender price for the short term. The market may decide that GE will not raise its offer, be happy with the percentage offered or walk away and the stock will go below 285 for the short term. In which case we will loose the premium. Ditto if GE gets the 90%, don't tender, loose premium.
One of 2 things will happen. The price will say above 285 in which case its right to either sell on the market if you can get the price you want like some of us did with part of the shares at 34/35 or if ge does not get the 90% and the stock still trades hold for a higher amount. Or the pps goes down and we loose the premium at least at fist.
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