unix, not sure what you are saying,
A hostile takeover typically (or at least often) involves establishing a position (voting leverage) and some combination of tender offers and voting to acquire leverage to gain board access and replace management.
One does not by any stretch of the imagination need to "buy all the outstanding shares" to takeover a company.
TO suggest so would be to suggest that hostile take overs are "near impossible".
They are not.
It is a well held opinion by many here that were Wave to gain more meaningful traction that a suitor would show up and there would be little Lee could do about it. Similarly it is a well held opinion that despite all their bluster, many a Void would take say $8-10 a share and head for the hills. On that the matter is a big 'who knows', but to justify a SP closing in on say $8 Wave's business would have to improve to the point were it could easily become attractive and I would be surprised if the matter didn't come up.
Wave was founded with the Class B shares designed to keep all decisions in the hands of Lee. As all are extremely aware, Lee sells shares, Lee does not buy shares, Lee has options and Lee exercises those options and sells immediately. The consequence of this 'greed' or 'diversification' or 'victim of AMT' or whatever it is is that Lee, in the end, has virtually no control over such matters other than the bully pulpit.
They do have a couple golden parachutes in place, the size of these is inconsequential. Class B is no a mere pittance. By choosing to take compensation largely in the form of cash or the conversion of equity into cash, Lee has effectively put Wave on the market (or in a cynical sense, let the golden goose out of the cage to feed horses).
They have diluted themselves to irrelevance as a voting block and will depend mightily on the trust and good-will of shareholders to fend off anything hostile. Fancy that.
The above content is my opinion.
AI
