RE: RE: RE: no more than $3.50 They were given a CONFIDENTIAL non-binding offer. Often when a non-binding offer is put in, the target cannot disclose the offer price based on the confidentiality agreement the buyer made them sign. It's not a material disclosure requirement to release the offer price because it isn't binding and thus, non-material. If the bankers behind the offer wouldn't have ran the market up a few weeks ago, none of us would even know anything was offered! If a company announced every stink bid that came in that was non-binding it would be a joke!
By not telling the market what the offer was, they are going to get more value from competitive bids as they have not set a ceiling. God some of the people on this board are unaware of how long these things take and all the steps needed before an offer can be announced to the public!
Why would they announce a non-binding offer price of let's say $3.75 when they can let things play out, continue on with business as usual by getting Athena ready for production and let other bidders try exceed the non-binding offer along the way?? They have a very reputable board of directors, they'll make the right decisions.