Management if you refer back to Peter's recorded interview in the industry articles section of the website. He indicated that the Company would rather take the road that takes POET to market rather than be taken out.

An Apple would provide a higher takeout price and would fairly price a premium to market offer. A private equity shop however would presume they are the ones taking the risk and would offer a lower valuation.

A low takeout bid accepted by all stakeholders as of a record date would probably be this forum's low hanging fruit.

Aiming for the stars would have the Company go to market with a chip, take a 10% market share out of the gates running. And if that were to happen you would see the Pellegrino report valuations come into fruition. The worst case scenario is the chip can't be mass produced or the chip is too brittle to be done in a fab or too expensive and the project is scrapped.