We all know the offer has been made.
Actually it's quite the opposite as of March 8th. The key word being potential mentioned many times in this pr. Read it slowly because it has so many ambiguities in it.
This is far from being a done deal and far from being a buyout. Could this be just a diversion from the real business? Something to divert attention away from diamonds?
March 8, 2007 - 12:17 PM EST
Global Diamond Exchange Inc. Names Potential Suitor
NEW YORK, March 8 /PRNewswire-FirstCall/ -- Global Diamond Exchange Inc. (OTC: GBDX) filed a Schedule TO with the Securities and Exchange Commission on March 7, 2007, to inform of a potential tender offer. The Suitor, Sib Almaz of Amyrskaya Oblast, selo Skovorodeno Blagoveshensky c/t Andreyskoe, Russian Federation, is currently in negotiations with Global Diamond seeking to accomplish a friendly transaction.
Management will analyze any formal offer made by this company to determine whether it is viable along with any other competing offers that may materialize in order to maximize shareholder value. A third-party fairness opinion may then be sought. This is the first stage of negotiations, and the parties are engaged in a period of due diligence. Before management of Global will accept any offer, it must assure itself that the suitor has the financial capability to consummate the deal.
In the event an agreement between the two companies is reached, an appropriate announcement will be made and the necessary forms will be filed with the SEC. The company has already informed the SEC of a potential transaction by filing the Schedule TO. In the event of a formal agreement and commencement of the offer, the company will file another, more substantive Schedule TO and state: 1) the final transaction structure including pricing and means to tender one's shares, and 2) the disclosure needed to fulfill management responsibilities under the securities laws, ensuring that all shareholders rights and other obligations are met.
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