I had a penny bank that was recovering well and it received a buyout offer. The problem was the buyout offer was LOWER than the price the stock was trading at. I call the bank president to find out WTF was going on and he said the offer was fair because the price represented the BV of the bank.
Insiders / bank execs - owned the majority of shares and they I'm sure the buyout was lucrative for them since they approved it.
HOWEVER -- that was a lesson learned for me because in all my years of trading it was the first time a company was bought out for LESS THAN THE TRADING PRICE OF THE STOCK.
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