then wait for a negative period contributing to a low share price
make a takeover offer at a low ball price
shaking out investors who are have lost confidence
this allows them to accumulate larger volumes on the cheap
resulting in a larger stake at low cost
Depending on circumstances they may be some more offers however to gain the knock out blow I feel they will need to offer premium. In which at that time would be
on less share volume resulting in acquiring the company at a bargain price overall.
Those who know that the intrinsic value is way more than the offers presented will hold waiting for the premium.
The founder of Dodo conveniently holds a blocking stake and was not interested in first offer. He has not publicly stated his intentions but it would surprise me if he accepted this offer. He is not a insto who is pressured by short term performance criteria. Being a smart business man he sees value buys a blocking stake and waits.
From the report I found interesting the view on Amazon arrival to AUS for PAS...
PAS retail brands are niche and market is for older age group
PAS has following for these brands
Established online presence
Customers tend to want to try on product
Amazon will not have like for like product. Unlike electronics.
Effect from Amazon seen as minimal
Amazon range could provide wholesale range new distribution channel
PGR Price at posting:
51.0¢ Sentiment: Buy Disclosure: Held