This is just my guess. I think the takeover has been arranged, but they're waiting for the proxies to be delivered ahead of the June 8 shareholder meeting. On the proxy there's a vote on management's severance package,based on change of control, relocation etc. It's rather rich. Shareholder votes are only meant to offer advice, not consent for the Compensation Committee. However, they'd like to get the votes anyway to insulate them in advance of a fairness opinion accompanying the takeover. Although the Company has a book value of around 13.75 and an enterprise value IMHO of around 2, I'll bet after severance costs we'll get nearly 12.50 for our shares in a takeover this summer. If we get no enterprise value (which I discounted), we would get less. I assume that some of the staff members will stay on with the acquiring company.
Ah yes. Fishy and legal....stay marginally on the inside of the legality line but very lucrative for management. If sold to another REIT, they will be paid "consultants", as long as they disappear from sight. The net effect for shareholders is a diminished takeover price. SO_____ what else is new?