RE:RE:RE:RE:Opportunity cost. You are correct Sooner. Witness what recently happened with Victoria's lowball offer for ATAC. The CEO and BoD rejected it out of hand.
This is how a BoD is supposed to behave. That being said, Hecla came along with only a slightlyl less of a lowball offer and the ATAC BoD is going to allow shareholders to vote on the potential HL acquisition.
Your $6 would be (admitedly) a borderline case. Almost high enough to be deemed legitimate by some, but I think it is still not at a threshold where the BoD gives their raging blessing to it and puts it to a vote.
It all boils down to what the insiders (not retail or institutional) deem to be a proper dollar figure for a buyout. Remember, they are stronger hands than most retail, so bids won't be put to a shareholder vote just because someone comes along an makes a stink bid for Casino.