RE: RE: formula for buyout offer I do not think anyone would use just the last 90 days as a starting point to calculate a premium for a takeover offer. As well Ithaca has so many near and longterm events that will raise company value that such calculations do not make sense for a takeover offer. WIth production doubling and cash flows very healthy this is not a distressed company therefore any accepted takeover offer will have a hefty premium over potential sp in the near term, thus why I think 3.50-$4 is more likely. The only thing that makes me believe the initial offer is lower than this is the market. Somebody, somehow knew something before the 23rd and started buying, but stopped short of $3, so my guess is the offer was for $3 but the bidder is a serious contender and management thinks they can get 3.50-$4 so the books are being opened and discussions ongoing. And since we are just waiting for Athena to arrive this speculation is not hurting the company. I think the company will respond within a week, but again if there is no rush it may take longer. Obviously the longer it goes the more likely a deal will be achieved, and thats why I think as time goes on the sp will drift up as silence past this Friday will be confirming a deal in my opinion.