90% of the float and all the debt is owned by a few funds and they have an anti-takeover provision in the stockholder's agreement. The takeover would have to be via an offering and that would be a liquidation.
They are probably diluting themselves to buy back in with the 500 million offering or maybe give a friendly deal to a partner that will finance them which probably would include them paying themselves back.
The funds obviously want the low stock price to dilute again. That's been their MO this whole time- sacrifice one stake for a bigger piece of the pie.
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