Innovation Pharmaceuticals Inc (IPIX)

[frrol]

Disclosing a buyout offer (and partnership offers, licensing deals, etc) is a decision for the CTIX board, and management controls it. So no. A tender offer would be public, but we wouldn't get one because we are majority owned by management so it would be a waste of time.

Now if the board were to receive a material, significant bid and rejected it without disclosing it, they open themselves up to a shareholder suit. But since the board members are majority holders, it isn't likely they'd reject it, or for the suit to prosper because the public minority shareholders would have to prove the board members harmed them for their own benefit, violating their fiduciary duty.

What it boils down to is: we won't know about a bid unless management wants us to. And that would be only if they are going to accept it or if they think it will help the stock price significantly.