Education lays the golden egg
Typically when a takeover bid with
a hefty offer price is taken off the
table, the share price of the target
company retreats. (Curro’s offer
was at a premium of about 42% to
Advtech’s 30-day weighted average
price.) In this case though, Advtech’s
shares, which had rallied about 16%
from the day of the expression of
interest to the eventual withdrawal
of the offer, held firm. A number
of theories can explain this
unusual phenomenon.
First, investors might be still
considering Advtech to be in play as
a target. This could be in the form
of revised offer from Curro or