Thresher Industries, Inc. (THRR)

[TeraDyne]

Outstanding shares = "Stock currently held by investors, including restricted shares owned by the company's officers and insiders, as well as those held by the public. Shares that have been repurchased by the company are not considered outstanding stock.".

I'm not saying that the buyer is going to need to buy more than the O/S. I'm saying that the entire OS may not be available on the open market because some is being held by officers and insiders who aren't willing to sell until the deal. Also any investor who is holding and isn't willing to sell their shares until the deal - their shares aren't avaialble either.