"Following the acquisition of 20% or more of the outstanding common shares, each right held by a person other than the acquiring person and its affiliates, associates and joint actors would, upon exercise, entitle the holder to purchase common shares at a substantial discount to the market price of the common shares at that time."

This is a brain-teaser. So, if Luxor acquires more than 20% of Croc I can buy more shares at a market discount? Therefore, anyone tendering to Luxor will be foregoing the opportunity to get more shares of Croc than if you didn't tender.

From Luxor's standpoint, if they purchase more than 20% of shares, all other existing shareholders would be less likely to tender their shares because they could now buy more shares at a 'substantial discount' (assuming you could sell them at the market rate..big assumption)

These shareholder rights plans and poison pills are incredible. I guess this effectively kills the current Luxor deal unless they get a large consensus buy-in from shareholders.

Not sure if I have this correct at all, but am trying to make sense of the strategy here.

B