Yeah, what if the board calls his bluff and he actually gets to pay the $30M??
If the B shares are worth that much, aren't the A shares too? Since the beginning of 2011 closing prices for B shares have been priced an average of about 33% higher than the closing prices for A shares on the same day. But the ratio of the A and B share prices got close to 1.0 immediately following SEC letter issuance last February.
Is there any precedent for the board to say that the TO is unfair because it excludes Class A s/h, or would that be shooting themselves in the foot by admitting to there being any value to the offer?