I see your point GB but please remember that the BoD must do an evaluation of the fairness and proper value of an offer. They also make a written recomendation to shareholders. It isn't quite so easy as to create a mythical valued company and then have it do a share swap. It must still pass the regulators (possible joke) and the BoD have a liability here as well. The market will also react in how they value our shares. Often times you see a buyout offer and the shares immediatly trade above the offered price. That is the market telling the world the price is to low. The opposite can happen in that the market drops the price because it sees no value in the bid. How can a BoD reccomend either of the two scenario's?

Just thinking out loud.....carry