—I will not tender my shares, since there is no advantage in doing so. There’s a slim possibility that the deal will collapse if enough shareholders do not tender, and if the deal is consummated I will end up getting the same $6.66/sh as the shareholders who tender.
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If enough shareholders, do not tender, there is a risk that the deal will fail. Without the deal, there’s a high probability that Revance will go bankrupt.
Assuming that its IP can be sold for more than $6.66 in the event of bankruptcy may result in larger losses for the current shareholders.
I suspect that the institutional holders have a very good understanding of what their potential losses or gains may be. … And the likelihood of the current deal failing is rather small, even if Dew doesn’t sell his shares or tender them.
Very few, if any, professional or institutional investors will act as arbitrageurs rather than locking in the current and best offer.
The arbitrageurs have already decided to risk about $6.50.
If I owned any shares, I’d sell them and move on. What sense could it possibly make to take additional risk rather than put my remaining money into a far better investment.
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