I think some shareholders made money.
The offer was made in May, but, the buyout wasn't completed until the end of October.
The stock traded 2 cents or below, before the offer, 2 to 4 cents after the offer, around 2 cents for the months before the merger was complete, maybe as high as 3. something cents coming closer to the end. The proxy statement (came out in September) indicated the buyout would be about 5 cents.
The buyout price turned out to be $0.04691/share, which wasn't revealed until the buyout was being completed.
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