RE:ConaThey just need an independent evalutor to value the company and have 90% (majority of the minority) of the minority shareholders accept the price being offered, if they wanted to take over the company.
I also think Waterous would want to take the company private, too many reporting requirements staying as public. Not sure why he hasn't done it already and/or what's on his mind.
Yet if his intention is clear to take the company private, he wouldn't mind the share price drop as it would get him the shares for cheaper either way.