RE:Question ........."What happens if one of the 'biggies' shows up with a cash offer .... lets say $3?"
Doubtful it happens because it's a "mutually" agreed upon deal by both parties and has the endorsement of BOTH bod's.........BUT if one were to happen.....another offer that is......or a "whiteKnight" type of rescue situation.......two things would need to happen. First, the offer woud have to be kind of "hostile" AND second......they would need to convince at least two or three of the SMALLER MAJOR holders to get onboard. Meaning GMT & two others.....trying to get close to 50% of the votes.
But before one actually does anything, you'd have to figure out WHO was the culprit or mole in this dubioius deal & who endorsed this suspect transaction, Riverstone or GMT? If it's Riverstone and GMT just went along, then any pontential suitor would have to sell/make their case to GMT. If GMT is the one who made all this debacle happen, then you'd need to convince Riverstone of the same. If on the other hand, BOTH Riverstone & GMT were complicit in this crime, being culpable for what took place........then you, we, i......are screwed & there's not much that can be done except watch the train wreck.......
GLTA