Alan, I fully agree with you that the personal connection between LANL and SGLB because of the long term close personal relationships as well as long term professional interactions between the individuals at each location would present the greatest barrier to any company looking to buy SGLB. Absent a contract with SGLB granting SGLB as a company the rights to the knowledge at LANL (a highly unlikely agreement) there would be no legal barrier to the folks at LANL reducing their cooperation and sharing with SGLB n the future. In fact, the folks at LANL would be within their legal rights, absent a contract to back off of their current level of cooperation and sharing.
Unless the acquisition was one where SGLB took the form of a wholly owned subsidiary of the larger firm where Mark Cola and the other SGLB engineers believed that they would not have trouble with a different corporate culture or direction from the future powers to be, otherwise I do not think that the engineers would necessarily stay on and the value of the SGLB technology and patents would be somewhat diminished as 3D printing is both science and art at this point in time. Another barrier to the acquiring company.
With only two registered owners of SGLB (Mark Cola and Rockville Assett Management - holding a combined ~13%) it would be difficult for an acquiring firm to organize enough shareholders to vote for the acquisition. If the acquiring firm were to start buying enough shares of SGLB to gain a voting advantage, that purchase alone would drive the pps north. I doubt that Mark and Rockville would sell their shares for less than a tremendous multiple because they are likely to believe that continuing independently will result in much greater long term rewards rather than a current pop for the buy out. I also believe that many of the current shareholders would look at any tender offer as a confirmation of their belief that SGLB is going to make huge gains over the next year or two and would reject any offer that appeared to be reasonable based upon the current fundamentals. A third barrier to acquisition at the current time.
That the technology is still in its infancy, without a set of established standards that PR3D would definitely meet is another barrier.
All in all, I just do not see an acquisition as being likely in the near to medium future. Long term...lots of things could change.
Speculation I know, but that is how I see it. In the mean time, I am continuing to make my periodic purchases.
patience and GLTA
