BXG’s shareholders approved the $10 buyout on Thursday, which means my only hope of retaining the company comes way of SEC intervention or a successful injunction from the lawsuit taking place. Seeing how 80%+ of the shares outstanding approved the merger, the only hope I see here is that some of the shareholders manage to plead to the SEC that a minority of people have arranged a sweetheart deal for themselves at the expense of the rest of the shareholders outstanding.
Unfortunately, I purchased my own position too late in the game to vote against the deal and I’m left thinking that getting myself wound up in the alternative process (not accepting the $10 buyout and instead accepting “fair value” at the time of the sale) is a losing strategy. Who determines this “fair value”? My thought is fair value for the company and its cashflow is $15. I’m sure the company skeleton will just be rushing to pay me that…
As it stands, I am prepared to just take my 2% gains from the $9.78 level and call it a day. I may sell out the position for cash, if the stock keeps closing the $10 gap before the deal finalizes.
In closing, BXG’s shareholders are capital idiots, who apparently enjoy being robbed in broad daylight by their own board of directors.
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