PA & management, in total, have no where near enough ARU shares to control the fate of ARU & it's assets. If someone makes an offer for ARU I grant you PA could influence some shareholders by an accept or reject recommendation but that's all!! If PA begins to negotiate with a major for FDN, why wouldn't a competing major make an offer for all ARU shs. & thus do an end run.

Put yourself in the position of looking to buy just FDN. Why would you do this & leave yourself wide open to a competitor taking it from you by bidding for all ARU shs.

Conclusion-- IMO, ARU will be sold in it's entirety.

Regards

Joltin