So, I'm wondering just how long the Board is going to take to 'evaluate' this 5 month old $10 / share offer?
In November 2012, the special committee retained its own independent legal representation. In December 2012, the special committee interviewed financial advisors and reviewed subsequent additional written presentations, and in January 2013, the special committee selected and engaged a financial advisor to assist in the review of the proposed transaction. The Company does not anticipate making any further public statements about this matter or the activities of the special committee unless and until either it enters into a definitive agreement for a transaction or the special committee determines that no such transaction will be effected.
That Anthony Gumbiner is a crafty old fellow. After paying off all the lawsuits, and seeing the end of the tunnel, he puts "The aforementioned circumstances raise substantial doubt about the Company’s ability to continue as a going concern." in the 10-Q to scare off the investors and drive the price down. The board was appointed by him (remember he owns 65%), so they'll rubber-stamp the buyout.
He does need majority approval from the other 35% of stockholders, so they could vote against him. I have tangible book value at $31.61 per share. $10 / share sounds like a good deal - for Gumbiner!!
Thanks for the elucidation. The minimum that we must ask the board to do is to shop around for potential buyers should they decide to sell this company. They should line up at least 5 to 10 potential buyers for bidding.