Taker over rules Under the rules the insiders can not buy during the proposal process. Deloitte's will come up with a valuation. If the value is above the $2.20. The Board can recomend to the shareholders to reject the bid or to negotiate a higher price from the CEO, more in line with the valuation. The Board can also have no recommendation and leave it to a shareholder vote, there are lots of examples of this. . Unfortunately shareholders might not have the backbone to reject a low ball offer and to take the money and run. This sets a bad example for other buy-outs.