CBLLF - Cobalt 27: The 'Improved Offer' Is Even Worse Than The First One

Back in the middle of June, Capital 27 Capital (OTCQX:CBLLF), a cobalt and nickel-focused streaming company, announced that it entered an arrangement agreement pursuant to which Cobalt 27 will be acquired by Pala Investments. Pala, that already owned 19% of Cobalt 27, offered C$5.75 (~$4.3) per share of Cobalt 27. As I wrote in my June article, the offer looked good on paper, as it offered a 65.4% premium to the pre-announcement closing share price of $2.6. But only on paper. The problem is that Pala offered C$3.57 ($2.67) in cash and