You are probably correct in your comment on the ploy of Cliff to restrict the trade range.

Cliff is trying everything in their power to make this as hard as possible for the BOD to react. The first offer came on a Canadian long weekend, when it would be difficult for the CEO's to gather their BOD to develop a countering NR. Now, they have done the same sort of thing by issuing the NR after business hours (just before 6pm EDT), ensuring that a reply from the BOD would result in confusion for the SH. Yes, it is business, but the slime of it is repellant.

This brings me to ask a question: can the BOD, without consulting the SH, reject the offer? I think if they were submit a countering ask price of 50 cents (not realistic, but neither is 13 cents), I think that would jump the SP quite a bit. Just not sure if they have a legal ability to do such a thing.

I'm also thinking that once the 43-101 is released, they may be able to tell SH what an estimated in situ value of Big Daddy is, and that would allow them to suggest SH to wait for a much higher bid.