On the other hand, Allied has a lot of individuals, DRIP investors, investment clubs and ESOP participants among their shareholders. Those shareholders tend to be more loyal than investors who sell as soon as the stock price hits a "target." If the board of Allied recommends against the tender offer, (and some of the newsbites seem to suggest they might) I think there is a good chance that many of these investors will go along with the board and not take the offer. I am also wondering if this is just the beginning of some sort of bidding war when other big fish begin to think the company is in play. That is another reason I am not sure that $47 is enough.
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