Interesting article... did not mention that Tracinda can also withdraw the offer if PPS falls below $7.38.
From the offer itself, p.2 -3: "We are not obligated to buy any shares in our offer if various events occur, including: ...
- a 10% or more decrease, measured from the close of trading on May 8, 2008, in the market price for the shares or in the general level of market prices for equity securities in the United States.")
Seriously, if they hold 100M at $6.91 average and pps is $5.97, why put on another 20% at $8.50/share? ...Just buy em on the open market and average down - - not up. It makes no sense except as some attempt to try and convince the public that F is worth more than $6... but the market is truly convincing the public otherwise.
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