3. Options expire Friday the 19th.
4. The Meeting is Tuesday, Dec 23.
I tend to think that Buffett walks on this one. The CEG board needs to make a solid deal with EDF and make it quickly.
What to do? The company should be worth $35/share, minimum, after the breakup costs. However, the Buffett offer of $26.50 will no longer provide a floor. There will be no bidding war. Among other reasons, they really aren't competing offers. Buffett wants to buy the company and considers it a "bolt on" acquisition for MEC. He isn't interested in investing a lot of capital in Nuclear energy. EDF only cares about Nuclear Power and doesn't seem to be interested in owning a utility.
Management wants to keep their jobs.
No one else has the capital and interest to make another bid for the entire company.