RE: RE: DevelopmentFrank is also working with the companies' lawyers on a "unique type of poison pill" (Roger's words) to protect shareholders from a hostile takeover that would not reflect the true value of this project. Apparently it will be an even stronger poison pill than usual as their lawyers feel a typical poison pill only delays the process long enough to invite other competing offers. What this will be will be revealed to the market "shortly"...
Roger has also repeatedly told me insiders will not accept any offers even at 2 bucks a share. And since they hold about 10% of the stock and an acquiring company would need at least 90% in order to de-list us I think we can rest assured that we will not be taken over at a price anywhere near our current level. It is only when an acquiring company holds more than 90% that they can force you to sell them your shares. With just 50% they can only direct GBB. I'm quite convinced a major would not find 90% (which is all of us) willing to sell at this level or even one considerably higher. And even if they would, there's still the insiders to persuade.
To be honest, even if we would get a ridiculously low offer, I don't believe another interested major is just going to let a project like Granada potentially (but unlikely) be stolen like that. So I expect a counter-offer right away if such an improbable scenario would occur.
Burrito