"If they vote to approve a buyout in which they have an interest, then we need an independent committee of the board and a fairness opinion with respect to the value of the company."

In my experience, that does not stop unfair takeovers from happening.  And the fact that successful shareholder lawsuits often get the shareholders pennies on the dollar seldom stops them from happening.  You probably know better than I that hundreds of firms actively look to "stimulate?" such actions.  There is no lack of them in the courts. 

By the way, what is an "independent committee of the board?"  Would that be an independent committee appointed by the board?  Do they get to judge who is independent and unbiased?

More importantly, whatever a fair valuation is judged to be, I am absolutely positive that it will fail to meet the hoped-for returns of almost all noninsiders here.  Ask yourself, would you be happy with 20 cents per share if that much?