I'm EXTREMELY bitter about all this. All they've done is re-jiggered the poison pill so it's even harder for someone to fight what the board decides to do.
What is likely to happen is that no deal will be reached (with the seller constantly belittling its wares, that's a natural outcome). Tangible assets, less bankers' fees and bonuses to the guilty will be distributed to stockholders. That will include an allowance for "fair value" (hah!) of intangible assets. The intangibles, including tax benefits, will pass into a privately owned (by guess who) "successor trust." All of this can be done without a shareholder vote. We get to vote on cancelling the certificate of incorporation (which will be tied to the cash distribution).
Board members will get intellectual property worth at least $250MM and possibly very much more, together with tax protection for several years, at a steep discount. I'm only on the hook for $a couple K (and will likely show a profit anyway), so I won't sue. Somebody else might choose to.