RE: realistic Agree with a lot of your points however I do think that the board had a cut off date to receive initial bids
Further I did not say that there was only one bid per customour, but rather I see this merly as a starting point to a Dutch auction process
Jeff did state that there was a a cut off for initial bids if I am correct
When you have 20 companies bidding on a company perhaps low ball offers are really a mute point
If the suitor really wants the property they will provide a realistic offer depending on how they visualise the growth and profit potentual
In so far as a 3.00 price please remove this from your vocabullary aqn at 2.50 would have been a starting point if the company was only worth 3.00
There were not enough outstanding shares at that point in time for them not to talk at that time
AQN 's offer was at only a 20 percent premium at that time! That is not enough on a go fwd basis
Hedge funds are not represntatives of the shareholder but rather to themselves. How do we know if a hedge fund was using Aqn as a proxy on there behalf
Personally I think Jeff taking a 3million bonus at 3.00 when he is the 4th largest shareholder would be discusting
Anything under 3.50 at the least deserves to be refused by the shareholder