Yeah - i know they have been listening to (for?) offers, but initiating a formal strategic review is different and far more concrete.
I think we have transitioned from "make us an offer we can't refuse" to "make your best offer", which to me is a significant difference. It is very hard for me to believe that a strategic review will conclude that GIA is the best course of action. If it does, I would expect the activist funds to immediately begin the process of removing PG.
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