No one has made a takeover bid. Clinton Group has put together a slate of 8 directors in the hope that they'll replace the current 8 directors. The current directors (other than those who joined within the past 6 months) have been an outright disaster for SWC shareholders. The hope for shareholders is that if new directors are elected, the company will go back to their focus on the Montana PGM production, and will drop Frank McAllister's bizarre dream of developing a hugely expensive, low-grade copper mine in socialist Argentina. It's hoped that such a move would raise the price of SWC shares, and that seems likely given how much SWC's share price fell in 2011 after the plans for the Argentine copper mine were announced. But no one has made a cash offer for your shares.
Unfortunately, no large holders of SWC shares have come forward to support Clinton Group's slate of directors. It would be a travesty if senile old Frank McAllister remains CEO/Chairman, but that well could happen. The unions and environmentalists have come out for existing management. That's not surprising, given that Frank has bent to union and environmentalist demands in the past. But it says nothing about actual shareholders - where are the big boys? Perhaps some are accumulating shares, knowing that they plan to oust Frank and benefit from a higher share price when that happens. But the silence by those who big block shareholders might support Clinton Group is somewhat stunning at this point.