If it stays at $46, that's a gigantic fuck up. They left a billion dollars on the table, and that's borderline breach of fiduciary duty. Of course, we have to wait and see what it settles at, and it's a little premature to heap scorn just yet. But the initial reaction is it looks like they overreacted to the Facebook IPO debacle (in my book, Facebook did the best thing possible for the company and extracted as much v…
Can you say for a fact that if they priced at $46 that people would have bought at $46? Markets are highly irrational.
Are you suggesting markets are not efficient? In that case, when can we expect you to become extremely wealthy from your inefficiency-proving strategy? (Claiming the EMH is false is equivalent to claiming that such a strategy exists.)
Incidentally, when an actor behaves irrationally in an efficient market, this happens:
https://www.google.com/finance?chdnp=1&chdd=1&chds=1&chdv=0&...