North, you reasoning is flawed comparing apples and oranges.
The TO you refer to was an American company with American rules. 90% ownership does not give it the ability to force the sale of the remaining 10% and force delisting. Elliot used the MO in Swedish TOs, it has not under American law
The deal we are talking about is under Swedish law where the 90% rule is present. Unlike the American situation, in Sweden if Elliot has 10% it can prevent GE from forcing the sale of the remainder and force delisting of the company. So there are significant differences, including additional minority rights..
Even more significant, as I've posted before, based on Twenton's posts, Elliot has done this several times, buying 10%, preventing the buyer from forcing liquidation of the remaining stock and delisting. The example he gave, Canon buying Axis, Elliot bought 10.1%, canon 86% and Canon accepted the 86% despite tender language requiring 90% and is operating Axis happily with Elliot tying up their money and not getting their extorted premium.
Between your example and the Canon example I defer to the Canon scenerio for reasons I've posted elsewhere.
I remain surprised at the lack of a counter offer which may come before expiation, but we shall see. Meanwhile, to repeat again, I expect GE to get between 50 and 90%, not raise its offer in the absence of a counter bid and we shall see what percentage GE settles for.
What do you think ge will settle for, do you expect a counter and if not why are competitors and shareholders silent. Are they happy with the TO price, and not the 600 some here shout for and will the pps appreciate to at least 35 again???? discussion is fascinating despite some who cannot handle any dissension.
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