With attached liabilities that no public company would want fouling its balance sheet, a 10 cents per share offer would equate to about 16 cents per share in cost to the acquirer. That is 20 times earnings for a company who only just began producing earnings by jettisoning the expenses associated with being a publicly traded company. The shareholders were hung out to dry on that one.
They'll be hung out to dry again. Why would an acquirer commit somewhere north of $20,000,000 when a couple of million invested in a convertible preferred share issue would accomplish the same?
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