There are 3.7M in the public float, and 32.3M in the outstanding share count.
It's not as easy as buying up the float. To assume control, an outside entity would need to theoretically acquire a controlling interest in the total outstanding shares, and more specifically they would need to take a controlling % of all the voting shares. Protection from such a takeover is one reason companies have restricted shares with voting rights.
Only if the company has more than 50% of their total voting shares for sale on the open market, can an outside entity have a chance at a hostile takeover.
For such a play to occur, and if news got out, it would almost definitely cause the PPS to increase dramatically, making the competition for those controlling shares extremely fierce. If I know that an entity needs my shares to takeover the company, I will hold out for as high a PPS as I can get....and so would everyone else.
So IMO, in practice, it would be extremely expensive to buy this company out from under themselves.
What is a “hostile takeover” and what effect does it have upon corporate governance? A hostile takeover is where a third-party acquirer seeks to purchase a controlling number of outstanding shares without the endorsement or approval of the target company’s board of directors. Prospective shareholders can carry out their objectives through a number of methods.
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