Aug. 29 at 1:31 PM
$PSNL it is interesting that
$TEM was down 9.4% during the regular trading session Friday and down another 0.9% after hours while
$PSNL was up 1.6% during the regular trading day and an additional 1.6% after hours. On a cumulative basis over 55% of the float for PSNL has traded above the 16.25 acquisition price.
According to Google, it is very likely that PSNL board and investment bankers were actively seeking better terms from other potential buyers including
$MRNA $GH $ILMNDURING this go shop period as this is legally permitted in the acquisition contract.
So it could very well be that another party submitted a better offer in which case the board has a fiduciary responsibility to accept the offer, and it also has a legal obligation to inform Tempus and allow them five business days to match or improve their terms. 🤞
