Seems a case of no promotor stake hurting the firm!
CG Consumer earlier with the Thapars was acquired by PE firms, Advent International and Temasek Holdings in 2015. However both PE firms exited in 2019 end, make 100% return in 4 years.
since then the growth was not great, which might have forced the management to go for acquisition of Butterfly. however the acqiuring multiples paid and the overall price paid was huge. Butterfly has corrected more than 50% since.
Strange but I bought Butterfly for the reason that it was trading cheaper to its merger ratio determined price and i wanted to take advantage of this arbitrage; and how post the shareholders of Butterfly refused to merge with CG Consumer, I took that also as a positive that they feel, their firm should hold better value and hence did not agree to merge… Shows my inability to change direction and starting to fall in love with your stock.