You must also remember that the acquisitioner must convince the acquisitionee, those words maybe made up, that the stock is as good or better than cash. That can be a much harder proposition than it sounds. Companies being acquired want to see S/P history along with strong guidance that suggest the stock will be moving up in value. For a company like Patriot that could be a hard sell with lack of substantial, positive, history to present. I think stopping at 20 million shares and sitting on the remaining reserves makes plenty of since.