This (mis)management are particularly bad... They have ruined this company. They turned down a $40/share offer a few years ago, and ran to Barclays and got this poison pill gem by way of advice on "saving" the company. Thanks guys! The best way to save this company is to be rid of this BOD and management. There cannot be any worse alternative out there. The hedgies know this and are running the PPS down to shake out all the weak hands and take out the stop losses. They are in control here, while management fiddle, worried for their own jobs. I think we will see $5+ yet.
Great recap. I think you're right though - The open bid will be around $10 / $10.50, but it'll go for about $12.50 / $13, coz there's way too many players in this pool to take it too cheap, but they sure have the numbers to roll the BOD, so it will happen before the summer. High Short interest will drive up the PPS once the first offer is announced. IMHO