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From this news item:{0977F1F3-4D7F-4FAD-AC68-3E9B69F12ED6}&currticker=ipk&symbols=ipk&nx=&bx=

On March 12, 2004, Gotham Partners amended this arrangement to provide that any savings otherwise payable to Gotham Partners' investment banker, would be paid directly to the exchange agent for distribution to all shareholders on a pro rata basis. Such amounts would be in addition to the per share consideration otherwise payable to each shareholder in connection with the proposed merger.

Basically, the cheaper the transaction (i.e. the less friction caused by disgruntled shareholder lawsuits, etc.?) the more shareholders could potentially receive. Interesting amendment and a nice idea. I ran the numbers and here's what I've come up with.

Best Case = $1.55M leftover ($0 total transaction cost...not likely). This yields .85/share, or an additional 3.26%. Here's some other breakdowns.

1M leftover = .55/share = 2.10%
.55M leftover = .30/share = 1.16%
.2M leftover = .11/share = .42%

Disclosure. I wasn't impressed enough by this extra consideration. I'd been holding my shares for no good reason and sold today when I happened to notice the movement to 25.75.

Best of luck to us all.

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