Executive summary: As befits one of the strangest situations I’ve ever seen, this post runs long. Here’s your tl;dr: in a vacuum, RCM’s current take private saga has some of the weirdest twists and head scratching decisions I’ve ever seen. As far as I know, it’s unprecedented: you have two semi-control shareholders bucking game theory (which says they should partner up to take an asset private on the cheap if they want to buy it) and instead bidding against each other (I don’t believe there’s ever been a public bidding war between two semi-control shareholders, though I could be wrong) ... but if you look at all of the moves through the
If it is a truly competitive situation and each party wants to implement their own strategy, then what's stopping either party from launching an unconditional tender offer to get to 50% first?
It looks like the bids are due to the special committee by 7/31. Is there potential for counter offers after that deadline, or do both parties have to just submit best offer by that date?
If it is a truly competitive situation and each party wants to implement their own strategy, then what's stopping either party from launching an unconditional tender offer to get to 50% first?
https://stocktwits.com/jbraun123/message/580010326
It looks like the bids are due to the special committee by 7/31. Is there potential for counter offers after that deadline, or do both parties have to just submit best offer by that date?