Please excuse my ignorance, but does a buy-out mean that we present stockholders will not be able to own shares in the new company? We had shares in a co. that sold and became private, leaving us with zilch. Do you know if the potential buyer plans to keep the co. public, or private?
The CEO intends to buy all the shares that he doesn't yet own. The company will then belong to him. There will be no other owners. If you currently own stock, you will be paid $4.21 per share and that will be it.
The CEO could then do an ipo and form another company, but I doubt that he would do so. Even if he does that, you would have to buy shares in the new public company and your current status as a shareholder in the present company would mean nothing.
You will have no choice. When the shareholders of the current company vote to accept the CEO's offer to buy the remaining shares for $4.21 p/s--and they will do that because the CEO owns more than half the shares--you will simply be paid off.
You will not get "zilch." You will get $4.21 for each share you own. Then you will have money but no shares in Andatee Marine.