An interesting bit of news hit the press today, Ansa McAl extended the deadline on their offer for the share by another 15 days to September 21st. We on the margin would speculate that this would mean that the offer has not been taken up by many shareholders and as of the current date, if the offer was to close it would fail as a take over bid. This is not an unreasonable flight of fancy as currently they are being outbid by Neal & Massey’s $8.50 and IPL’s $8.75.
One could speculate further….
Given the environment where it seems that Island Properties Consortium is acting as a spoiler by forcing the price of the shares upwards, and where in the cases of both BNB and Brydens the minority shareholders have done better under new management, it would not be an unreasonable course of action for BS&T shareholders to hold onto their shares to see who wins the bidding war (right now NOT Ansa McAl) or just to hold on to their shares period. (most Bajan shareholders buy and hold shares anyway).
It would be highly ironic if the ultimate expression of shareholder confidence in your management ability would be for them not to sell the shares to you, because they felt you could cause the stock to appreciate after you took over the company.
(We’re sure there’s a chicken and an egg somewhere around here!)