I agree with most of your post but I have to remind everyone that Poet has the poison-pill ability to invoke a large quantity of "voting-but-no-value" shares to swing the vote in whatever direction management wants.

If they want to sell for a small premium on the SP, that's what will happen. If they want to resist any/all purchase overtures to remain a stand-alone company, that's what will happen.

Poet's poison pill capability is part of the basic due diligence available, so let's not ignore it or use it to mount strawman arguments (called Aunt Sally arguments in the UK).