But if the delay is long enough, and the rest of the sector continues to "fly," the pressure will, and should, become intense on both the independent directors, as well as Mr. Smulyan himself. I don't want my upside "capped" by Jeff, or taken away by Jeff. Unless the premium is satisfactory enough. In sleeping on this, that number needs to be at least $3, rock bottom, for me. Although really, I'd prefer if this offer didn't exist at all, because I still believe the stock has a good chance of being $3-5 in the next 12 months, and possibly $5-8 in the next 2 years. If I were a holder who bought in at $5, $10, or $20, I would be incensed. In my case, with an average cost in the low $1's, it's less the case. But it is still monumentally clear that this offering price is opportunistic, and, from even a 1-2 year perspective, is basically sacrificing the interests of the broader shareholder base on a PYRE, for Mr. Smulyan's own personal interest. He knows damn well where radio is going, and he knows his stock price hadn't "caught up" to those realities. So you "swoop in," and take advantage of that.
The independent directors MUST INSIST on "majority of the minority" approval by common stock holders. IF they do that, at least basic "safeguards" will have been respected.