Buyout ThoughtsThe company thinking about buying Integra would contact management to feel them out on what offer price would get management's recommendation of approval. I'm sure the discussions have taken place. Right now, a 40 percent premium on average SP over the last quater would be about $1.20. Management is probably asking $2.50, but who knows what value management puts on it. If the takeout company planned to go hostile, 3 companies own 30 percent of the stock and another 6 or 7 companies combine for 20 percent. These 10 shareholders would be contacted to see what takeout price they would accept. Once approval was received from the ten, the buyout would be a done deal no matter what management put out. Of course management would open the books to any other interested buyer and there could be a bidding war.
Right now, it looks to me that the 10 major stockholders are holding firm for a very high takeout price and that potential buyers are waiting for the FS to reduce risk. If anotherTriangle like deposit is hit and/or the upcoming PEAs are knockouts, we could see a takeout bid before the FS but only if something really good happens.