That can be a big problem when management is the obstacle between a potential BO deal. Suitors can't do much if Delcath won't sell. Companies you named aren't likely to do a hostile take over since they have reputations too.
A buyout usually starts friendly where the suitor would approach the company board of directors. And if for some reason it turns into potential take over, the suitor could also approach the shareholders to buy up enough shares to force a change in company management as well as take ownership.
As for shareholder to affect a change, you would need some sort of coordinated combined effort. It involves lawyers and money. But, when you represent big enough chunk of the company share you can propose to Delcath BoD and have a matter be put in a proxy for vote at a shareholders meeting. Average folks won't be able to pull something like that.
I think Delcath was very focused on the US approval. They knew the 35 million convertible was a bad idea last year and it was just after a 1 for 16 RS. But, maybe they thought that would be enough to see them through to FDA approval and they didn't anticipate the dilution would be so ugly to the point they are out of shares to offer. Did they simply overlooked the fact they would be out of authorized shares? Probably not, they already anticipated another RS.
You could say Delcath and the notes holders used shareholders. I guess the question no body could answer was did Delcath get any offers on the table? If a creditable media found a leak of an offer it will stir up the whole pot. Delcath never came out saying they are actively engaged in any kind of the strategic alliance talks. All they ever said was they can't access the money and need RS to maintain listing and being able to raise more funding.
Surprisingly, after RS failed the vote, they never addressed the company on the funding issue they face as well as what they plan on doing to carry forward. It's just dead silence and then suddenly you got a trial news from Denmark as if it's just another normal day.
But, now that RS is a no, who could say what they will do to get funding? We don't really know the true motives of HB, Ren, and Vanguard as well as few others even though we have speculated and knew HB was the notes holder. They have to know that Delcath would be out of share when they bought the preferred. Maybe they though RS would be no problem like last time, but things didn't go their way. In any case, they are heavily invested in Delcath with HB and Ren combine 35 million shares as well as any preferred shares they still hold.
I am just curious how they all plan to get out of this mess?
